According to a recent blog post, Delphi Ventures, the fund of cryptocurrency research firm Delphi Digital, has lost around $10 million following the crash of LUNA de Terra.
Traders of Terra LUNA tokens had some of their worst weekly deficits ever before, with prices falling 99.7% in one week.
In the first quarter of 2021, the fund purchased a modest amount of LUNA on the secondary market and then increased its exposure to cryptocurrencies.
At the time of the price peak, Terra only represented 13% of the Net Asset Value (NAV) of Delphi Ventures. Only 5% of the total number of transactions were linked to protocols backed by the problematic blockchain.
Although a lot of ink has been spilled on the subject of LUNA, her surprising 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 ridiculed, will serve as a reminder that investing “requires humility.”
Terra, according to US billionaire investor Bill Ackman, was a typical pyramid scheme, which is why its demise was anticipated.
Do Kwon recently announced a new strategy to revitalize the dormant blockchain project. It is about creating a new chain from the fork without the algorithmic stablecoin. At the time of writing, the price of UST has fallen to an all-time low of $0.08.
Meanwhile, LKB & Partners, one of the most prestigious law firms in South Korea, 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 damage.
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