Multicoin Capital 对冲基金因加密市场动荡而损失 91.4%

Multicoin Capital 的对冲基金价值在 2022 年大幅下跌 91.4%，主要是由于市场波动和 FTX 崩溃。尽管遭遇挫折，该基金自成立以来仍上涨了 1,376%。此后，该公司采取了减轻交易对手风险的措施，包括限制交易所风险和实现托管人多元化。

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

加密货币市场动荡，Multicoin Capital 对冲基金损失达 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.

著名风险投资公司和加密资产对冲基金 Multicoin Capital 披露了 2022 年对冲基金业务的巨额亏损。根据该公司的年度投资者信函，该对冲基金的价值在这一年中经历了 91.4% 的惊人下跌。

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.

这封信将业绩惨淡归因于去年加密货币市场的动荡状况，再加上加密货币交易所 FTX 倒闭带来的直接和间接影响。该公司承认，虽然它成功地应对了 LUNA 和三箭资本早期的内爆，但未能避免随后围绕 FTX 的披露以及随之而来的市场蔓延。

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 月份致投资者的另一封信中，Multicoin 详细介绍了其对冲基金的财务状况。当时，该基金透露，其约 10% 的资产仍滞留在 FTX 上，同时还持有大量 FTT、SOL 和 SRM 等代币，这些代币在交易所倒闭后经历了大幅抛售。

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.

由执行合伙人 Kyle Samani 领导的 Multicoin Capital 于 2017 年 10 月推出了对冲基金策略，目标是投资流动性加密货币。除了对冲基金业务外，该公司还管理着三只风险投资基金，并投资了现已破产的 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%.

尽管 2022 年大幅回撤，Multicoin 的对冲基金自成立以来截至去年底仍产生了 1,376% 的净回报率（不包括费用）。随着更广泛的加密货币市场从近期低点反弹，Multicoin 报告称，其对冲基金在 2023 年 1 月上涨了 100.9%，使其从成立到 1 月份的整体回报率达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 年的亏损主要源于其对 FTX 的敞口以及其持有的直接受到该交易所倒闭影响的代币，尤其是该交易所自己的代币 FTT。该信函透露，2022 年 11 月，该公司迅速为受 FTX 影响的资产建立了一个侧袋，这是主基金的单独剥离。这包括交易所持有的目前陷入破产程序的资产。侧袋还包括 Multicoin 在 FTX 崩溃之前从 FTX 撤回的资产，信中指出这些资产可能会受到 FTX 财产的追回。

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.

针对这些事件，信中概述了 Multicoin 为减轻交易对手风险而实施的几项新措施。展望未来，该公司将在任何特定时间在交易所仅保留 48 小时的交易资产。它还调整了抵押品管理实践，以尽量减少在交易所持有的衍生品头寸抵押品数量，并积极聘请更多托管人以分散托管风险。

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.

信中称，Multicoin 仍坚持其长期战略，无意尝试把握市场时机。 Multicoin Capital 的发言人拒绝就此事发表进一步评论。