Maelstrom co-founder: The early-stage token fund he invested in four years ago in Pantera has nearly halved in value, while many seed-round projects from the same period have seen their value surge by 20-75 times.

According to Foresight News , Akshat Vaidya, co-founder and head of investments at Maelstrom, the family office of Arthur Hayes' family wealth management firm, wrote on X that "four years ago, I invested $100,000 in the Pantera Early-Stage Token Fund LP, and now I only have $56,000 left because Pantera charges a 3% management fee and a 30% performance fee. In those four years, Bitcoin has doubled, and many seed-round projects have skyrocketed 20-75 times. However, this fund's fees have wiped out almost half of the LP's capital. While the investment period is important, losing 50% in any cycle is the worst possible performance."