CEO Simon Sejun Kim confirmed that their crypto venture company Hashed lost about $3,6 billion due to investments in the $LUNA ecosystem token Terra after the infamous crash back in early May 2022. Our Tier-list of venture companies В interview Bloomberg, Kim said the company bought 30 million $Luna tokens in April when the price of the token was at its peak.
The case is interesting in that it is the first time that the company Hashed officially confirmed the extent of their losses. In May, CoinDesk citing network data сообщили that Hashed bought a total of about 50 million $Luna tokens and that their losses most likely exceeded $3,5 billion.
The crash happened on May 7 when the price of TerraUSD ($UST) lost its peg to the US dollar. $UST's sister token, $Luna, has fallen like a domino from $80 per token to a few cents. The Terra explosion wiped out more than $40 billion in investor money in just a couple of days. Despite huge losses, the company Hashed has not given up on crypto, and what’s more, Kim has stated that they plan to raise a third fund in the first quarter of next year.
While it is not clear what amount is involved, Kim ignored the questions of various crypto media, without giving any comments on this matter. Hashed has previously raised $320 million in two venture capital funds, and the next round will focus on investments in gaming startups.
We recommend that you take an inventory of your portfolio and check which of your assets have Hashed as a lead of the round and carefully monitor the events associated with them.
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