Novogratz says LUNA tattoo is a constant reminder investing 'requires humility'
Mike Novogratz, the billionaire founder of crypto asset management firm Galaxy Digital, has told his followers that his LUNA-inspired tattoo will serve as a reminder to remain humble in the world of venture capital investing.
Following the fallout of the recent LUNA / UST meltdown, Novogratz penned an open letter on Wednesday, telling his followers that: “My tattoo will be a constant reminder that venture investing requires humility.”
It was on Jan. 5 tha Novogratz first showed off his wolf-themed tattoo to his 461,000 Twitter followers in an enthusiastic demonstration of his support for the now-collapsed Terra ecosystem.
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Terra’s UST stablecoin, which relied on an algorithm to maintain a peg to the U.S. dollar, collapsed last week, sending the price of its sister-token LUNA from $60 per token to $0 in less than 72 hours. The collapse wiped approximately $40 billion dollars from the cryptocurrency ecosystem.
“The collapse dented confidence in crypto and DeFi,” said Novogratz in the letter, “whenever money is lost in such an abrupt fashion, people want answers.”
He said that despite last week’s “heart-wrenching” market pandemonium, the crypto industry looks stronger than ever and wouldn’t be going away any time soon.
He explained that Galaxy Digital invested in LUNA in Q4 2020 using balance sheet capital, and clarified that the firm’s treasury never used UST.
According to an update from Galaxy Digital released on May 13, the firm expects to post a $300 million loss in net comprehensive income as of May 11, bringing the partners’ capital to $2.2 billion — a 12% decline from March 31.
Pantera Capital, one of the original investors in Terraform Labs, revealed today that it had cashed out roughly 80%
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