Crypto-focused venture capital and investment giant Pantera Capital has reorganized its leadership, with the departure of co-Chief Investment Officer Joey Krug and the formation of an executive management committee, according to a letter sent out to limited partners on Friday.

Krug joined Pantera in 2017 to help manage the Liquid Token Fund. On a recent investor call, he revealed that the fund had lost 80% during 2022, taking a 23% hit in November alone in the aftermath of collapsed crypto exchange FTX. The letter didn’t specify why Krug was leaving.

“While Joey is a friend and we are naturally sad to see him leave, we expect the transition to be seamless,” Pantera founder and Chief Executive Officer Dan Morehead wrote in the letter. “His responsibilities will be absorbed by the Executive Committee and our deep bench of 65 experienced investment and operations professionals.”