BitcoinBlog

China ZZTB Fund Loses Bitcoin 1,371 for Leaving Position Open Long

A Chinese investment fund called Zhizun Tongbao Leveraged Fund has in a month incurred losses of BTC 1,371.3496 or approximately USD 250,000, according to a Fund announcment.

The losses occurred between December 6th and January 1st. The fund manager formerly announced the losses on January 11th.

The trading was conducted through four plaforms, namely 796 futures, BitVC futures, OKCoin international futures, and OKCoin China platform.

The fund announcement was published on www.btcjrw.com

btcjrw

There has been some uproar across the China bitcoin sector as the fund manager left the positions open long enough to incur those losses. In the announcement the fund manager responses to criticism comes across as almost a lecture to investors in terms of its tone.

His most intriguing statement is this:

there are some who question the fund manager should not open long positions and went to sleep. Explanation: The fund managers are human beings, cannot work 24 hours. Bitcoin futures opening size is not easy, and it is impossible to open the day before going to sleep.

Journalist, policy analyst, and evangelist of new, disruptive technologies including big data analytics, Internet of Things, and cryptocurrencies. Internet industry veteran with regional c-suite experience, and journalist credentials earned at internet.com, Internet World magazine, and Mecklermedia Corporation.
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