Multicoin Capital’s annual investor letter shows that the firm’s hedge funds will lose 91.4% in 2022. The letter attributes last year’s losses to cryptocurrency volatility and the direct and indirect effects of the FTX crash. In a separate letter to investors last November, Multicoin detailed its hedge fund’s financials, revealing that the fund had 10% of its assets trapped in FTX, as well as exposure to large amounts of FTT, SOL, and SRM. All of these tokens suffered a sharp sell-off in Nove...