A crypto money investor from traditional markets met with a bad experience with the volatile world of the crypto money market.
According to the report in the Financial Times, Vlad Matveev, a 50-year-old fund manager, invested $ 250 million in a free investment fund run by Cryptolab. The California-based, mixed-strategy free fund promised "extraordinary returns" with a data-driven approach.
The Fund was able to gradually increase its net asset value and exhibited a strong performance before Matveev's investment. However, problems started to emerge after Matveev's investment. The fund, which remained flat for the first few months after this investment, succeeded in reaching a new summit in October but then fell to the levels where Matveev entered.
Matveev said, “I was sanctioned in June 2019 and the beautiful performance ended. The net asset value of the fund was going back and forth and was where I entered as of the end of February of 2020. At that moment I decided to get my money back. ” says.
Wanted to leave the fund, got a shocking response
On March 8, 2020, Matveev asked to exit the fund. Two days later, the response from Cryptolab Capital was reported to have lost 20 percent of the fund, but Matveev said that he wanted to quit. Two days later, the company said it had lost 100 percent of its assets under management and would be liquidated. This loss occurred on March 12, 2020, one of the worst days in the history of Bitcoin. At that time, Bitcoin's price dropped from $ 8000 to $ 3700.
Matveev suspects this to be a carefully crafted plan to hose investors' funds. In his blog post, he made several accusations against the company and those who ran it. "I have doubts that it is not a coincidence that the Fund exploded in such a glamorous way and those who lead it are extraordinary personalities." says.