New York (HedgeCo.Net) When the Swiss National Bank unexpectedly removed a three-year cap on the Swiss Franc’s exchange rate with the Euro last week, the ramifications hit the hedge fund world hard and the damage estimates are still coming in.

When the announcement was made, the Franc surged as much as 41% and those funds that were caught off guard have paid a steep price. The John Hancock Absolute Currency Return Fund tumbled 8.1% on Thursday, but that isn’t as bad as what happened to the Everest Capital Global Fund.

The oldest and biggest of Everest Capital’s family of funds has reportedly been wiped out by the events in the currency market. The fund had $830 million in assets under management, but now the company will shut the fund down.

Not all investors were caught off guard as there were some $5.8 billion worth of puts on the Euro go down against the Franc. Those puts were still outstanding as of Friday and the traders standing to benefit from the sudden windfall gains have not been identified as of yet.