As crypto swoons, Anthony Scaramucci struggles to retain investors.

Has “The Mooch” lost its mojo?

Anthony Scaramucci, known for his 11-day stint as former President Donald Trump’s communications director, is facing a mass exodus of investors from his funds.

Bloomberg reported earlier this week that Mr. Scaramucci’s firm SkyBridge Capital had halted withdrawals from one of its smaller funds, Legion Strategies, which holds just over $200 million. But Mr. Scaramucci is also struggling to hold on to investors in SkyBridge’s flagship fund, the SkyBridge Multi-Adviser Hedge Fund Portfolios, which managed as much as $2 billion at the end of March. Investments lost almost a quarter of their value in the second quarter.

Investors in SkyBridge’s flagship fund are seeking to withdraw as much as $890 million, or about half the money it held at the end of last month, Scaramucci told the DealBook newsletter. But many of these investors will be stuck in the fund for a while.

According to the rules, investors in the Multi-Adviser fund are allowed to withdraw money only in certain windows. They used to occur four times a year, but SkyBridge cut them to twice a year in 2020, after heavy losses at the beginning of the pandemic. Total redemptions are usually limited in each window.

Earlier this month, SkyBridge told its customers in a letter that the redemption window had been “oversubscribed” and that they would collectively receive only about 16 percent of the money they requested. The letter said investor notes were issued for the amount that would be paid no later than October.

Mr. Scaramucci’s loss comes just over a year after SkyBridge’s switch to crypto. SkyBridge’s flagship fund, which Mr. Scaramucci bought from Citigroup, has long specialized in buying and selling stakes in other hedge funds. For a time, that, along with strong results in the years following the 2008 financial crisis, made him one of the most powerful players in the hedge fund industry.

In addition to the fund, SkyBridge held a well-attended annual conference in Las Vegas, called SALT, which drew big names from both Wall Street and politics.

Mr. Scaramucci says he remains a long-term believer in crypto, adding that about 22 percent of his flagship fund remained in crypto and related investments at the end of last month.

“I’m not smart enough to time the market,” he told the DealBook newsletter. “But we’ve done a huge amount of research and we think everyone who has will see that blockchain technology is good and is the future.”