Who would’ve thought, old Arthur Hayes got wrecked too. Akshat, the investment manager of his family office fund Maelstrom, spilled the tea on Twitter. Turns out, the crypto VC he invested in four years ago turned his $100K into just $56K now—a -44% drawdown. And this VC charges a 3% annual management fee + 30% performance fee. So even though Bitcoin doubled in price and many seed round projects saw 20-75x returns, this fund managed to wipe out half of his principal through all those fees. Interestingly, this seems to be Pantera’s Early-Stage Token Fund—the same Pantera that invests in all kinds of micro-strategy companies.