According to a recent blog post, Delphi Ventures, the cryptocurrency research firm Delphi Digital’s fund, has lost around $10 million following the crash of Terra’s LUNA.
Traders of Terra’s LUNA tokens had some of their worst weekly shortfalls in past occasions, with prices plummeting 99.7% in a week.
In the first quarter of 2021, the fund purchased a modest quantity of LUNA on the secondary market and then grew its cryptocurrency exposure.
At the time of the price high, Terra only accounted for 13% of Delphi Ventures’ net asset value (NAV). Only 5% of the total number of transactions were tied to protocols backed by the troubled blockchain.
Although much ink has been poured on the LUNA subject, its stunning demise is still on everyone’s lips. Galaxy Digital CEO Mike Novogratz, one of the token’s most prominent supporters, suddenly broke his week-long silence yesterday.
The billionaire claimed his LUNA tattoo, which has been widely derided, will serve as a reminder that investing “requires humility.”
Terra, according to American billionaire investor Bill Ackman, was a typical pyramid scam, which is why its demise was foreseen.
Do Kwon, recently announced a new strategy for revitalizing the dormant blockchain project, It involves creating a new chain from the fork without the algorithmic stablecoin. At the time of writing, UST Price has fallen to an all-time low of $0.08.
Meanwhile, LKB & Partners, one of South Korea’s most prestigious law firms, has chosen to sue Kwon. Regulators have also focused their attention on the failed stablecoin project in South Korea and other areas of the world, which resulted in tens of billions of dollars in damages.