Multicoin detailed the financial condition of its hedge fund, revealing that the fund had 10% of its assets stuck on FTX, as well as significant exposure to FTT, SOL and SRM, all tokens that saw steep sell-offs last November.
The letter also details that Multicoin has taken new steps to "mitigate counterparty risks." The firm will only keep 48 hours worth of trading assets on an exchange at a time, adjusted collateral management practices to reduce the amount of collateral held on exchanges for derivatives positions, and is onboarding with additional custodians to diversify custodial risk.
