Bloomberg: Due to incorrect bets on cryptocurrencies and FTX, the largest fund under SkyBridge Capital lost 39% last year

ChainCatcher news, according to a report by Bloomberg citing informed sources, due to erroneous bets on cryptocurrencies and some investments related to FTX, the largest fund under the well-known asset management company SkyBridge Capital lost 39% last year. SkyBridge's largest fund had $1.3 billion in assets at the end of the third quarter last year, but after FTX filed for bankruptcy protection in November, the fund's net value significantly shrank. Among them, cryptocurrency assets accounted for 28% of the fund, while shares of FTX and other crypto companies accounted for 14%.

The decline in stock prices triggered a massive redemption of funds by investors, who demanded to redeem 60% of the company's capital before the September 30 deadline. According to a document from January, only 10% of the funds have currently been returned to investors. SkyBridge had previously offered investors four redemption periods and promised to return at least 25% of cash each quarter, but the redemption periods have now been reduced to two. (source link)