Cointime

  • BTC $17104.45 0.01 %
  • ETH $1275.62 -0.01 %
  • BCH $110.80 0.00 %
  • SOL $13.67 0.22 %
  • XRP $0.39 0.44 %
  • BNB $291.40 0.00 %

Crypto Firm Multicoin Expects Contagion from FTX to Wipe out Many Trading Firms in Coming Weeks

1 min read Original Link

Crypto venture firm Multicoin Capital told investors in a letter on Thursday that FTX’s collapse and the price declines across the industry have pushed the fund down by 55% this month, and added that the market is poised to get worse before it rebounds. Multicoin said there’s a chance the firm will recover some of its funds from FTX, but because those assets are now wrapped up in bankruptcy proceedings, it anticipates marking them down to zero. It’s a stark reversal for five-year-old Multicoin, which announced a $430 million fund in July, its third and largest to date. (CNBC)

All Comments