RATE Group | Crypto Hedge Fund Goes Belly Up After Bitcoin Price Drop to $3.8K
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Crypto Hedge Fund Goes Belly Up After Bitcoin Price Drop to $3.8K

20 Mar Crypto Hedge Fund Goes Belly Up After Bitcoin Price Drop to $3.8K

Posted at 21:12h in Bitcoin News by

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Adaptive Capital, a crypto hedge fund, has announced that it will shutter all operations after taking heavy losses during the March 13 crypto market meltdown which saw Bitcoin (BTC) price drop to a 2020 low at $3,775. The fund has now issued a letter to its investors announcing the closure of the fund and the return of all remaining assets to investors. 

The hedge fund had previously reported gains over 552.77% from October 3, 2018, through May 3, 2019. According to the firm, a series of infrastructural problems with a trading venue were a primary cause of the losses. 

Although the venue hasn’t been named in Adaptive Capitals’ letter to investors, BitMex was inoperational for almost an hour during the massive sell-off, leaving the hedge fund operators unable to respond to the market.  

BitMex has since reported on this and has blamed a DDoS attack for the down period. 

“We have identified the root cause of two DDoS attacks at 02:16 UTC and 12:56 UTC, 13 March 2020. For a…

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