Crypto-Focused VC Firm Pantera’s Liquid Token Fund Lost 80% in 2022

The fund started to navigate much of the portfolio away from altcoins and into ether (ETH) in the late spring, Pantera co-chief investment officer Joey Krug said on the call. The timing would’ve matched up with the collapse of Terra’s USDT stablecoin and sister coin Luna, which triggered the collapse of lender Celsius.