Vlad Matveev has learned the hard way how volatile cryptocurrency hedge funds can be.

The 50-year-old Muscovite invested $250,000 last year with California-based Cryptolab Capital, which targeted double-digit gains from trading crypto regardless of whether the market rose or fell. But Matveev said his investment fell 98.5 percent in value when the fund folded in this year’s coronavirus-induced turmoil.

“I don’t really know what happened,” said Matveev, a fund manager-turned-private investor. “They said they had a diversified set of strategies.”