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The company Adaptive Capital, which has been providing operations services to its investors for a long time, stops its work due to the loss of more than 50% of capital and the inability to correctly respond to the unstable situation in the cryptocurrency market. The turning point in this decision was the collapse of bitcoin, which occurred on the night of March 12 to 13 and amounted to more than 50% of the original value of the coin. In this regard, a DDoS attack was carried out on the BitMEX cryptocurrency exchange, the hedge fund used for trading, as a result of which the fund lost half of its profit.
In a letter to investors, Adaptive Capital explains the decision to close the company is not only a loss of funds. The hedge fund blames this for other large cryptocurrency exchange sites and blockchain platforms, the tools of which he used every day. According to fund managers, the shutdown of exchanges and their unstable functioning prevented them from responding to the situation on time. Such use of the “inferior infrastructure” caused irreparable damage to the company, because of which it was forced to close.
Adaptive Capital was known not only for its accurate forecasts, but also for the development of its own indicators. With their help, it was possible to analyze the activity of popular digital currencies and, in accordance with this, draw up a plan for further actions to exchange cryptocurrency currencies. After the incident with the loss of almost half of its capital, the hedge fund was forced to return all remaining funds to its investors. It is not known exactly what amount was lost, but the sponsors of the developers also suffered great damage, and therefore the studio ceased its activities. At the moment, accounts on large cryptocurrency exchange sites have already been liquidated, and the main page of the company has stopped working.
Adaptive Capital provided its services not only in the field of digital currency. Based in Omaha, New York, and managed by Murad Makhmudov and Billy Woo, this foundation was popular with both large organizations and private entrepreneurs who wanted to increase their sales or establish a business. The fund also offered financial solutions to support business projects and provided loans in the most simple and convenient way.
The fall of the market amid the global pandemic affected not only popular cryptocurrencies, but also the financial market as a whole. Many small hedge funds, individually operating studios and trading floors suffered tremendous damage or were forced to temporarily cease operations.