Some of the altcoin projects supported by famous billionaire Mike Novogratz include fiascos like Terra and Celsius. Galaxy Digital CEO said last year that if LUNA reaches $100, he will get his tattoo. It is noteworthy that all altcoins supported by the crypto phenomenon that stood by its word collapsed.
Mike Novogratz has tattoos of Terra (LUNA), Celsius and other failed altcoin projects
Recently leaked beach photos showcased Mike Novogratz’s failed projects. It seems that together with the project Terra (LUNA)Novogratz has tattoos of unsuccessful projects all over his body. Lesser known examples include CTC, Bitconnect, Celsius in distress, BabyDogeDiamond and BologneseToken. Meanwhile, Novogratz shared his LUNA tattoo on his arm earlier this year. This tattoo came in honor of LUNA reaching $100.
Mike Novogratz’s lawyer responds to photos
On January 5, Novogratz showed off his LUNA-inspired tattoo to his followers. He immortalized the image as a passionate declaration of his support for the currently collapsing Terra ecosystem. Mike Novogratz was undoubtedly devastated by the explosion of Terra following the May UST collapse. He specifically told his followers that the LUNA tattoo would serve as “a constant reminder that venture investment requires humility.” Meanwhile, in response to the leaked beach photos, the official statement released by his lawyer read:
Mr. Novogratz is a supporter of cryptocurrency projects in general. It is not responsible for any empty projects painted on itself.
Celsius burst
Celsius platform announced last month that it is pausing withdrawals, citing “extreme market conditions.” Mike Novogratz, one of the supporters of the project, made the following statements about this failure on July 7:
Look at Celsius for example. No one knew how much leverage they had. When all is said and done, I think there will be fraud charges and prosecutions. There will be major abuses in some of these cases.
Mike Novogratz specifically cites the Celsius project alongside Terra when drawing parallels between crypto and Long-Term Capital Management, a highly leveraged hedge fund that exploded in the late 1990s. According to CNBC, Novogratz said after Celsius stopped withdrawals last month, “this is causing a lot of damage to the system. This causes the removal of leverage to accelerate,” he said.
According to reports, Celsius paid off a significant portion of its $142.8 million outstanding debt in Dai (DAI) to Maker (MKR) protocol in July, following growing concerns over its excessive debt. Thus, it shows that the platform is making every effort to avoid a complete collapse in the face of current bankruptcy rumors. As Kriptokoin.com, we have covered the latest news from Celsius in this article.
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