Hashed, a crypto asset fund and community builder based in Seoul and Silicon Valley, has lost more than $3 billion in the aftermath of Terra (LUNA) collapse. The venture capital is a well-known financier of Terra and their relationship dates back to 2019. Terra’s recent decline has cost the VC huge chunks of money.
Over 49.9 million accumulated losses directly related to Terra
At the time of writing, there is no direct word from Hashed as to what exactly this figure is, or what Terra’s collapse means to them.
However, chain records show that Hashed had bet millions of dollars on three mainnets in LUNA. 27 million on the Columbus 3 mainnet, 9.7 million on the Columbus 4 mainnet and 13.2 million on the current Columbus 5 mainnet, bringing the figure very close to $50 million.
Hashed talked about working with Terra in 2019
In a blog post published by the company on the popular blogging platform Medium, Hashed expressed his enthusiasm for working with Terra and explained why they chose the Blockchain. The blog post reads: “While Bitcoin and other cryptocurrencies offered attractive features such as no government control, interference-free international remittances, and easier asset storage than physical money, a lack of price stability prevented them from supplanting most forms of fiat money. .”
It was clear from the blog post that Hashed believed Terra could provide the best blockchain services in South Korea as this shows,
“Terra has created a decentralized stablecoin that reflects the universal features of current fiat monetary systems. Terra is reinvesting economic growth to offer ongoing discounts to consumers, encouraging savvy consumers to choose and stay with its payment system.”
All in all, Data has shown that Hashed has lost more than $3 billion since the Terra-Luna collapse.
Do Kwon presents Terra 2.0
Terra founder Do Kwon has proposed new measures to counter the unexpected collapse of the former leading Blockchain.
In a tweet on May 18, Do kwon explained that Terra’s governance prop is to rename the existing network Terra classic, Luna classic ($LUNC) and resurrect a new Terra Blockchain.
He further noted that if the proposal is successful, a final snapshot will be taken of the Terra classic network at block 77900000 and a new network will be born. Finally, he added that he is excited about this future and looking forward to rebuilding with the community.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously, he was a co-founder of Govt. of India supported startup InThinks and is currently editor-in-chief at Coingape and CEO at SquadX, a fintech startup. He has published over 100 articles on cryptocurrency and blockchain and has assisted a number of ICOs in their success. He co-designed an industry training for blockchain development and has conducted many interviews in the past. Follow him on Twitter @sharmasunil8114 and contact him at sunil (at) coingape.com
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This post Blockchain Company Loses $3.5 Billion As Terra (LUNA) Crumbles
was published first on https://coingape.com/luna-crash-blockchain-firm-losses-3-5-billion-as-terra-luna-crumbles/