Hashed Losses Cross $3.5 Billion As Terra (LUNA) Crumbled
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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.
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 to Kim, Hashed has already raised two venture funds totaling at least $320 million. Kim claims that the company will concentrate on investing in blockchain-based game firms if and when it can grow a new fund.