Hashed Confirms Loss of More than $3 Billion in LUNA Crash
Hashed CEO Simon Sejun Kim announced that the venture company has bought 30 million Terra (LUNA) tokens. The investment resulted in losses of more than $3 billion after the crash of Terra in May. However, Hashed plans to create a new investment fund in the first half of next year.
In an interview with Bloomberg published on Wednesday, Kim said that Hashed bought 30 million LUNA tokens in the early days of the blockchain project, which were worth $3.6 billion when the price of LUNA peaked in early April.
Thus, Hashed officially confirmed the scale of its losses as a result of the LUNA crash. In May, CoinDesk, citing network data, reported that Hashed had delivered a total of almost 50 million LUNA tokens and that its losses apparently exceeded $3.5 billion.
The Terra ecosystem began to collapse on May 7, when the price of its algorithmic stable coin TerraUSD (UST) lost its peg to the US dollar. UST's sister token, LUNA, collapsed in tandem, dropping from $80 to just a few cents. The Terra explosion destroyed more than $40 billion of investors' wealth in a matter of days.
But despite the big losses in LUNA, Hashed has not lost faith in cryptocurrency. In fact, the firm plans to raise a third fund in the first half of next year, Kim said.
It's unclear how much money Hashed hopes to raise for his new foundation. Hashed has previously raised at least $320 million in two venture funds. According to Kim, if and when the firm is able to attract a new fund, it will focus on investing in blockchain-based gaming startups.
https://coin-signal.com/cryptonews/hashed-confirms-loss-of-more-than-3-billion-in-luna-crash/
#Luna, #Altcoins, #Billion, #Confirms, #Crash, #Cryptonews, #Hashed, #Loss
#Altcoins, #CryptoNews