Residents with any information have been urged to contact the concerned authority
His Galaxy Digital Assets Fund was due to start on Dec. 15, but he called clients on Dec. 12 and told them he had changed his mind, Novogratz said in an interview with Bloomberg.
Novogratz told Reuters in November he hoped to raise about $500 million, making it the largest fund of its kind.
South Korean cryptocurrency exchange Youbit said on Tuesday it is shutting down and is filing for bankruptcy after it was hacked for the second time this year.
Coinbase, a US company that runs one of the biggest exchanges and provides digital "wallets" for storing bitcoins, said on Wednesday it would investigate accusations of insider trading, following a sharp rise in the price of a bitcoin spin-off hours before it announced support for it.
On Friday, Coinbase said it had temporarily suspended buying and selling of bitcoin due to high traffic.
But other cryptocurrencies rose this week, with investors moving into cheaper digital coins, rather than cashing out of the sector.
Ethereum, the second-biggest cryptocurrency by market size, soared to almost $900 earlier in the week, from around $500 a week earlier. Ripple, the third-biggest, has more than quadrupled in price since Monday.
Stephen Innes, head of trading in Asia-Pacific for retail FX broker Oanda in Singapore, said there had also been moves out of bitcoin into Bitcoin Cash, a clone of the original cryptocurrency. Oanda does not handle trading in bitcoin.
"Most of it is unsophisticated retail traders getting burned badly," Innes said on bitcoin's recent retreat.
While some say the launch by CME and its rival Cboe Global Markets of bitcoin futures over the last two weeks has given the digital currency some perceived legitimacy, many policymakers remain sceptical.
Bitcoin is known to go through wild swings. In November, it tumbled almost 30 percent in four days from $7,888 to $5,555. In September, it fell 40 percent from $4,979 to $2,972.
Residents with any information have been urged to contact the concerned authority
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