Akshat Vaidhya, representing Arthur Hayes' family fund Maelstorm, disclosed that their $100,000 investment in the Pantera Early-Stage Token Fund has depreciated by nearly 50% over four years. This decline occurred despite Bitcoin's price appreciation and successful returns from certain projects within the fund. Vaidhya criticized the size and quality of early-stage crypto funds, suggesting they are too large and lack quality investment opportunities. He urged limited partners to seek more scalable and effective investment avenues.