The negative consequences of the fall of the cryptocurrency and the stock market forced the founder of the SkyBridge Capital hedge fund to take necessary measures.
Anthony Scaramucci announced the temporary suspension of payments on shares of the Legion Strategies fund. The decision was caused by the fact that more than 20% of the Legion portfolio is made up of shares of private companies, which have become illiquid in the current market situation.
The situation was not saved by the fact that part of the funds of Legion shareholders, through third-party funds managed by SkyBridge, invested in basic crypto assets: bitcoin and ether. In total, about a quarter of Legion’s net assets were invested in such funds, and the total amount of funds transferred under the management of SkyBridge amounted to about $230 million. The company has already informed clients about plans to resume payments on Legion fund units at the end of September.
Recently, SkyBridge Capital founder Anthony Scaramucci shared his take on the current bearish market trend, recommending that investors keep buying bitcoin and stay calm.
Cryptocurrency exchange Coinbase announced the termination of payments and the “temporary closure” of the affiliate program to attract new users in the United States to reduce operating costs amid the ongoing crypto winter.
Source: Bits
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