Multicoin Capital’s hedge fund lost 91.4% in 2022, according to a copy of the firm’s annual investor letter viewed by CoinDesk.
“While the fund successfully dodged the catastrophic implosions of LUNA and Three Arrows Capital earlier in the year, we didn’t avoid the explosive revelations about FTX nor the subsequent contagion that spread across the market,” said the letter. “After a remarkable year in 2021, our performance in 2022 was the worst since inception.”
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