Pantera Capital's Bitcoin Fund is Up 10,000% to Date While its Altcoin Funds Flounder

Michael LaVere
  • Pantera Capital's flagship bitcoin fund is up more than 10,000 percent to date since being founded in 2013.
  • The firm's alternative investment funds, including a mixed batch of altcoins, has recorded double-digit losses. 

Pantera Capital’s alternative cryptocurrency hedge funds are losing double-digit numbers but its bitcoin fund is up 10,000% to date. 

Pantera Capital, one of the oldest cryptocurrency investment managers, has reported heavy losses in its alternative crypto funds.  According to a report by CoinDesk, a mixed fund containing ETH, XRP and other altcoins has lost more than 72.8 percent of its value since being founded in 2019. The firm’s ICO fund has similarly undergone double-digit losses, falling more than 42.2 percent since its inception. 

An anonymous Pantera Capital investor told CoinDesk, 

A lot of the ICO assets are relatively young compared to bitcoin. And because of their relative youth, the expectation should be that it should take time for those assets to come into their own.

Despite altcoin funds witnessing massive losses, Pantera’s flagship bitcoin fund is up 10,000% to date since being founded in 2013. The fund has undergone volatility over the years, losing 75.6% in 2018 while posting a gain of 87.7% in 2019. The fund saw its peak during bitcoin’s bull run in 2017, constituting a 22,321% increase over its inception. 

According to its 2019 fiscal year numbers, Pantera recorded $470 million in assets under management across its seven funds, with more than $110 million in bitcoin. 

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Luxury Cars and $15 Million in Crypto Seized in Chinese Arbitrage Scam Bust

Michael LaVere
  • Chinese authorities seized $15M in crypto and several supercars following scam ring bust.
  • The group was allegedly operating an arbitrage scam that promised users fake Huobi Tokens. 

Chinese authorities have reportedly seized more than $15 million in crypto-assets and $2 million in supercars after busting up an arbitrage scam selling counterfeit tokens. 

According to a report by China’s Ministry of Public Security, police in the city of Wenzhou arrested 10 individuals connected to operating a fraudulent cryptocurrency scheme. The report claims the arbitrage group was scamming victims using blockchain smart contracts to generate fake cryptocurrencies. 

Following the bust, authorities seized bitcoin, ether, and tether worth over 100 million yuan ($15 million). The report also claims police seized several supercars, including a Ferrari and a McLaren valued at more than $2 million, in addition to the luxury villa in which the scammers were staying. 

The arrested individuals had reportedly operated a smart contract scheme since 2019, which advertised a blockchain product that claimed to generate Huobi’s native token HT. Unsuspecting consumers were promised the tokens would generate arbitrage opportunities worth a return of up to 8%. 

One victim, identified as Li in the report, first notified police after joining a Telegram group belonging to the scam artists. 

Li told authorities, 

Simply put, you send one unit of ETH to a designated address, you will receive 60 HT. And then you can sell it to gain the difference.

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