Multicoin Capital 對沖基金因加密市場動盪而損失 91.4%

Multicoin Capital 的對沖基金價值在 2022 年大幅下跌 91.4%，主要是由於市場波動和 FTX 崩盤。儘管遭遇挫折，該基金自成立以來仍上漲了 1,376%。此後，該公司採取了減輕交易對手風險的措施，包括限制交易所風險和實現託管人多元化。

Multicoin Capital Hedge Fund Losses Reach 91.4% Amidst Crypto Market Turmoil

加密貨幣市場動盪，Multicoin Capital 對沖基金損失達 91.4%

Multicoin Capital, a prominent venture capital firm and crypto-asset hedge fund, has disclosed substantial losses in its hedge fund operations for 2022. According to the firm's annual investor letter, the hedge fund experienced a staggering 91.4% decline in its value during the year.

著名創投公司和加密資產對沖基金 Multicoin Capital 揭露了 2022 年對沖基金業務的巨額虧損。

The letter attributed the dismal performance to the tumultuous conditions that prevailed in the cryptocurrency market last year, compounded by the direct and indirect fallout from the collapse of the cryptocurrency exchange FTX. The firm acknowledged that while it successfully navigated the earlier implosions of LUNA and Three Arrows Capital, it failed to avoid the subsequent revelations surrounding FTX and the ensuing market contagion.

這封信將業績慘淡歸因於去年加密貨幣市場的動盪狀況，再加上加密貨幣交易所 FTX 倒閉帶來的直接和間接影響。該公司承認，雖然它成功地應對了 LUNA 和三箭資本的早期內爆，但未能避免隨後圍繞 FTX 的披露以及隨之而來的市場蔓延。

In a separate letter to investors in November, Multicoin provided a detailed account of its hedge fund's financial condition. At that time, the fund revealed that approximately 10% of its assets remained stranded on FTX, along with significant holdings in tokens such as FTT, SOL, and SRM, which experienced significant sell-offs in the wake of the exchange's collapse.

在 11 月給投資者的另一封信中，Multicoin 詳細介紹了其對沖基金的財務狀況。當時，該基金透露，其約 10% 的資產仍滯留在 FTX 上，同時也持有大量 FTT、SOL 和 SRM 等代幣，這些代幣在交易所倒閉後經歷了大幅拋售。

Multicoin Capital, led by Managing Partner Kyle Samani, launched its hedge fund strategy in October 2017, with the objective of investing in liquid cryptocurrencies. In addition to its hedge fund operations, the firm also manages three venture capital funds and had invested in the now-bankrupt FTX exchange.

由執行合夥人 Kyle Samani 領導的 Multicoin Capital 於 2017 年 10 月推出了對沖基金策略，目標是投資流動性加密貨幣。除了對沖基金業務外，該公司還管理三個創投基金，並投資了現已破產的 FTX 交易所。

Despite the substantial drawdown in 2022, Multicoin's hedge fund has still generated a net return of 1,376% since its inception through the end of last year, excluding fees. As the broader cryptocurrency market has rebounded from its recent lows, Multicoin reported that its hedge fund gained 100.9% in January 2023, bringing its overall inception-to-January return to an impressive 2,866%.

儘管 2022 年大幅回撤，Multicoin 的對沖基金自成立以來截至去年底仍產生了 1,376% 的淨回報率（不包括費用）。隨著更廣泛的加密貨幣市場從近期低點反彈，Multicoin 報告稱，其對沖基金在2023 年1 月上漲了100.9%，使其從成立到1 月份的整體回報率達到了令人印象深刻的2,866 %。

Multicoin's 2022 losses primarily stem from its exposure to FTX and its holdings in tokens that were directly affected by the exchange's collapse, notably the exchange's own token, FTT. The letter revealed that in November 2022, the firm swiftly established a side pocket, which is a separate carveout of the main fund, for assets impacted by FTX. This included assets held on the exchange that are now caught up in bankruptcy proceedings. The side pocket also included assets that Multicoin withdrew from FTX just prior to its collapse, which the letter indicated may be subject to clawbacks by the FTX estate.

Multicoin 2022 年的虧損主要源自於其對 FTX 的曝險以及其持有的直接受到該交易所倒閉影響的代幣，尤其是該交易所自己的代幣 FTT。該信函透露，2022 年 11 月，該公司迅速為受 FTX 影響的資產建立了一個側袋，這是主基金的單獨剝離。這包括交易所持有的目前陷入破產程序的資產。側袋還包括 Multicoin 在 FTX 崩潰之前從 FTX 撤回的資產，信中指出這些資產可能會受到 FTX 財產的追回。

In response to these events, the letter outlined several new measures that Multicoin has implemented to mitigate counterparty risks. Going forward, the firm will maintain only 48 hours' worth of trading assets on exchanges at any given time. It has also adjusted its collateral management practices to minimize the amount of collateral held on exchanges for derivatives positions and is actively onboarding additional custodians to diversify custodial risk.

針對這些事件，信中概述了 Multicoin 為減輕交易對手風險而實施的幾項新措施。展望未來，該公司將在任何特定時間在交易所僅保留 48 小時的交易資產。它還調整了抵押品管理實踐，以盡量減少在交易所持有的衍生性商品頭寸抵押品數量，並積極聘請更多託管人以分散託管風險。

Multicoin remains resolute in its long-term strategy and has no intention of attempting to time the market, according to the letter. A spokesperson for Multicoin Capital declined to provide further comment on the situation.

信中稱，Multicoin 仍堅持其長期策略，無意嘗試把握市場時機。 Multicoin Capital 的發言人拒絕對此事發表進一步評論。