Hashed Losses Cross $3.5 Billion As Terra (LUNA) Crumbled

According to CEO and managing partner Simon Seojoon Kim, the crypto venture capital firm Hashed lost more than $3 billion on its investment in the Luna token used in the Terra ecosystem after it crashed in early May. Kim said that Hashed had purchased 30 million Luna tokens in the early stages of the blockchain project, which were valued up to $3.6 billion when Luna’s price reached its all-time high in early April, in an interview with Bloomberg that was published on Wednesday. Hashed has never before formally acknowledged its loss in the Luna crash. Hashed staked approximately 50 million luna tokens in May, and its losses appeared to have exceeded $3.5 billion, using on-chain statistics. South Korea’s largest crypto VC Hashed bought 30 million Luna tokens in the project’s early days and lost most of the investment in the crash. The amount of tokens would have been worth as much as $3.6 billion when Luna’s price peaked on April 5. Bloomberg https://t.co/yUN2tcSAxa — Wu Blockchain (@WuBlockchain) August 3, 2022 Terra Luna Collapse In May The Terra ecosystem started collapsing when the algorithmic stablecoin TerraUSD (UST) lost its peg to the US dollar on May 7. Luna, the sibling token of UST, also fell in tandem, from almost $80 to only a few cents. Over $40 billion in investor money was destroyed by Terra’s implosion in days. But despite suffering significant losses in Luna, Hashed still believes in cryptocurrency. According t...