Is Multicoin Capital still frozen at FTX?

Some 9.7% of crypto investor Multicoin Capital’s Bitcoin, Ethereum, U.S. dollars, and other assets from one of its funds are still frozen at FTX—even after the firm withdrew about 24% of its assets being held at the exchange early last week, according to a letter the investment firm sent to limited partners last week, obtained by Fortune.

Why did Multicoin Capital lose 914% of its value in 2022?

Register Now Multicoin Capital’s hedge fund lost 91.4% of its value in 2022, according to a copy of the firm’s annual investor letter viewed by CoinDesk. The letter attributed last year’s decline to a turbulent year for cryptocurrencies, as well as direct and indirect impact from the collapse of crypto exchange FTX.

How did Multicoin perform in 2022?

As the broader crypto market rebounded from last year’s lows, Multicoin reported the fund gained 100.9% in January 2023, bringing the fund’s inception-to-January return to 2,866%. Multicoin’s 2022 losses stem from the assets stuck on FTX and holdings in tokens directly impacted by FTX, including the exchange token FTT.

Does Multicoin Capital Invest in liquid tokens?

Multicoin Capital, headed by managing partner Kyle Samani, launched in October 2017 its hedge fund strategy to invest in liquid tokens. The firm also operates three venture capital funds and has invested in the now-bankrupt exchange FTX.