Odaily News Coatue Management, a New York-based hedge and risk fund, wrote down the value of its OpenSea shares, once worth $120 million, by 90% to $13 million in the second quarter of 2023. This means the company believes OpenSeas current paper valuation is $1.4 billion or less. Additionally, Coatue also slashed the value of its stake in Web3 infrastructure company MoonPay by 90%. The incident shows how venture investors are reassessing the value of investments they made at the height of the cryptocurrency boom after a severe market deterioration. In early 2022, OpenSea raised $300 million at a $13.3 billion valuation in a C round co-led by Coatue and Paradigm. (The Information)