Pantera Capital Hedge Fund Lost 50% of Assets in March

This month was the worst month in our model's 27-month history, co-chief investment officer of thee fund said
11 April 2018   568

Specializing in blockchain industry investments venture company Pantera Capital announced that its digital assets fund lost nearly half of its funds in the past month. The company stated this in a letter to investors, CNBC reports.

This was a really rough month for the Digital Asset Fund and the space in general. We're in a market with around 100 percent annualized volatility and this month was the worst month in our model's 27-month history.
 

Joey Krug

Co-chief investment officer, Pantera Capital,

The message notes that since December 1, 2017, the fund of digital assets has lost only 3.1% in comparison with bitcoin, which for the same period fell by 37.4%. At the same time, for last March, Pantera assets decreased by 45.7%.

This performance is basically in line with our expectation — given the huge move in the market as a whole.
 

Joey Krug

Co-chief investment officer, Pantera Capital,

At the same time, bitcoin fell by 34% between March 1 and April 1. BTC started the month at a level higher than $ 10,000, after which it began to slip smoothly into the area of ​​$ 6,000 after the statements of a number of regulators and increased sales activity on the eve of the tax season.

It is noted that 2017 was a record year for bitcoin - the coin grew by more than 1300% and almost reached $ 20,000. This helped the Pantera Capital fund increase its assets by about 20,000% by December. In a letter to investors, it is also said that despite a fall of almost 50%, the fund still boasts an income of more than 10,000% since its inception in 2013.

Also, cryptocurrency transactions are subject to capital gains taxes, so Pantera and other investors attribute the current price pressure to "investors beginning to realize tax obligations."

A portion of the selling pressure on the market in general has been unintended tax positions. There were $300 billion of capital gains created last year. That could have caused a decent chunk of the sales.
 

Dan Morehead

CEO and co-chief investment officer, Pantera Capital

It is noted that bitcoin became one of the main reasons for the negative results of the fund in March. This year, BTC lost more than 50% and at the time of publication is trading around $ 6,800. In turn, the fall in the rate of Ethereum, Dash and Waves also proved to be one of the main negative factors, the message says.

At the same time, representatives of Pantera announced investments in the Ethereum competitor, but noted that they can not yet announce the name of the company.

If you had a portfolio of IPOs — one was Pets.com and one was Amazon.com — it doesn't matter what the rest were. You made a great return.
 

Dan Morehead

CEO and co-chief investment officer, Pantera Capital

Last month, Pantera Capital, which manages assets worth about $ 724 million, also announced the launch of a third venture fund aimed at blockchain. It was noted that the new organization will concentrate on P2P-transactions, fintech, artificial intelligence and machine learning.

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   95

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.