Crypto-focused investment firm Hashed has confirmed for the first time that it lost more than a billion dollars in the collapse of Terra (LUNA).
Hashed CEO Simon Seojoon Kim said in an interview with Bloomberg that the company has purchased 30 million LUNA. According to the CEO, that investment along with the collapse cost the company more than $3.6 billion in losses. Despite all this, Hashed continues to believe in crypto with a new mutual fund.
Terra Crashed, Hashed $3 Billion Loss
Hashed CEO Simon Seojoon Kim said in an interview with Bloomberg that they received 30 million LUNA in the early days of the project. Saying that it was worth $3.6 billion in his ATH at the beginning of April, Hashed’s CEO spoke for the first time publicly the magnitude of the loss.
On May 7, the Terra ecosystem began its massive crash as the blockchain stablecoin UST depreciated against the dollar. LUNA, which fell from $ 119 to prices with plenty of zeros, caused great losses to its investor. So much so that the loss of investors is estimated to be 40 billion dollars.
On the other hand, although Hashed suffered a great loss in the LUNA crisis, he did not lose his confidence in cryptocurrencies. In fact, Kim stated that the company aims to raise a third investment fund in the first half of next year. It’s unclear how much investment Hashed aims to raise, but the company has managed to raise a total of $320 million in recent fundraising periods. According to Kim, the company will focus on blockchain-based gaming start-ups in a third round of fundraising.
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