According to @PANewsCN, Maelstrom co-founder and CIO Akshat Vaidya said he invested $100,000 into Pantera Early-Stage Token Fund LP four years ago and it is now $56,000 due to a 3% management fee and 30% performance fee, citing his X post x.com/akshat_hk/status/1979259734524912091 and the PANews post twitter.com/PANewsCN/status/1985300438359621664. According to @PANewsCN, Vaidya stated that over the same period BTC roughly doubled while many seed-stage tokens rose 20–75x, and that fees have nearly wiped out half of LP capital, per his X post x.com/akshat_hk/status/1979259734524912091 and the PANews post twitter.com/PANewsCN/status/1985300438359621664. According to @PANewsCN, Vaidya characterized a circa 50% loss in any cycle as among the worst outcomes, as reported in his X post x.com/akshat_hk/status/1979259734524912091 and referenced by PANews twitter.com/PANewsCN/status/1985300438359621664. According to @PANewsCN, based on Vaidya’s figures the reported net value implies about a 44% drawdown versus an approximately 2x move in BTC over the period, highlighting material fee drag versus a BTC buy-and-hold benchmark, per his X post x.com/akshat_hk/status/1979259734524912091 and the PANews post twitter.com/PANewsCN/status/1985300438359621664.