A cryptocurrency investor got a taste of both after the cryptocurrency market went wildly in March.

This investor lost his $250,000 investment in hedge funds over just a few days, from the crash of Bitcoin, according to to source.

Last year, 50-year-old Vlad Matveev, a former fund manager, invested $250,000 in a hedge fund managed by Cryptolab Capital.

California-based multi-strategy hedge fund Cryptolab Capital has promised to generate “outstanding returns” by investing in crypto assets.

The hedge fund Cryptolab Capital was able to gradually increase its Net Asset Value (NAV) and showed strong performance prior to the investment of Vlad Matveyev.

But it did not continue in the same pattern, as the value of the assets managed by the fund began to stagnate, gradually decline, and fluctuate up and down.

Read:Claims to remove USDT from Binance and other trading platforms

Commenting on the performance of the hedge fund Cryptolab Capital, Vlad Matveev told:

I invested in June 2019 and the beautiful performance is over.

The fund’s NAV was trembling back and forth but by the end of February 2020, it remained at the same level I entered.

On March 8, 2020, Matveyev requested to opt out of the fund.

Two days later he received a response from Cryptolab Capital informing him that the fund had incurred losses of 20%, but Matveyev insisted that he wanted to exit.

Two more days passed, and Cryptolab Capital was told that it had lost 100% of its assets and would be liquidated.

It is worth noting that these losses occurred on the worst day for the cryptocurrency markets.

Matveev suspected that the entire fund might have been a ploy to take and plunder investors’ money, in statement To him, he brought various charges against the company and the people who run it.

And he said:

I have a suspicion that such an amazing explosion of the chest and these wonderful characters who run it are no accident.

Read:El Salvador Creates New $150 Million Bitcoin Fund…Here’s How To Use It

In response, a spokesperson for Cryptolab Capital told Decrypt:

Mr. Matveev is a high net worth investor (and former trader) who understands the high risks and speculative nature of the fund’s investments in digital assets.

Read:Launching the first cryptocurrency trading platform on the ICON network.. ICX coin price rises by 70%

While we deeply regret the losses of Mr. Matveyev and all of our investors, we are concerned that while Mr. Matveyev has admitted that he lacks any evidence to support his accusations, he continues to make unsupported claims.

The unprecedented volatility of Bitcoin in March 2020 led to significant losses in the fund’s investment portfolio.

The same speaker said:

The company has been transparent with Mr. Matveev and all our investors regarding the circumstances that led to these losses.

Read also:

An investment fund that will buy more than $140 million in Ethereum in 2020 … Get to know it

Bitcoin plunge causes Binance to spend $13 million from user money insurance fund