Crypto hedge fund Uneven Monetary is pivoting away from liquid buying and selling methods following sharp underperformance and public backlash from traders.
In a publish shared on X Wednesday, CEO Joe McCann acknowledged that the fund’s present method “is now not serving our LPs” and confirmed that Uneven will start transitioning capital away from liquid buying and selling into illiquid investments.
The replace got here amid criticism of the corporate’s Liquid Alpha Fund, which McCann admitted had did not ship this 12 months.
“I’ve notified our LPs that we’re shifting away from liquid buying and selling methods,” McCann wrote, including that “whereas the Liquid Alpha Fund struggled this 12 months, our different automobiles have carried out.”
Tensions flared on X Tuesday after in style Solana (SOL) maximalist BigbrainSOL expressed his disappointment with Uneven’s fund efficiency, sharing a screenshot displaying he’s down $10 million within the first half of the 12 months — a 78.37% portfolio drop, from $12.89 million to round $2.78 million.
Shortly after, McCann took to X to defend the fund, writing that it was “not down 78%,” attributing the efficiency to a farm technique tied to the “second Hyperliquid airdrop,” which he believes “will yield a unprecedented return to the fund when the airdrop is dwell.”
Buyers in Uneven’s funds can be allowed to exit, regardless of “any customary lock-up durations,” or select to roll their capital into particular new alternatives, McCann stated. “Assymetric isn’t “going anyplace.”
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Airdrops provide alternative — and critical threat
In November 2024, Hyperliquid airdropped its native token (HYPE) to over 90,000 customers. The drop accounted for 31% of the token provide and had an authentic estimated worth of round $1.2 billion. Over the following 12 hours, the token’s worth rose by 63%
The drop was some of the beneficiant community-focused airdrops, and fueled huge progress for the platform. Nonetheless, not all airdrops are as profitable as Hyperliquid’s and a few are outright scams.
In 2024 and 2025, pretend airdrops tied to tasks like Hamster Kombat and Wall Avenue Pepe led to tens of millions in consumer losses, contributing to over $9.9 billion in world crypto rip-off losses. These scams impersonate official tasks, tricking customers into revealing personal keys, signing malicious contracts or paying upfront charges.
Bots are additionally more and more getting used to farm airdrops. Since customers are sometimes rewarded with airdropped tokens based mostly on the duties they’ve carried out, bot armies are steadily employed to carry out these duties and reap the rewards.
In response, some tasks are shifting towards activity-based, AI-monitored airdrops that reward actual engagement and assist cut back exploitation.
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