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Novogratz and his tattoo of Terra (LUNA): Admonition to modesty

 


Mike Novogratz, the billionaire founder of crypto asset management firm Galaxy Digital, clarified on Twitter that his Terra ( LUNA ) themed tattoo is a reminder to him to keep his feet on the ground in the world of venture capital investing stay. 


Following the recent collapse of LUNA and its stablecoin TerraUSD (UST) , Novogratz wrote an open letter on Wednesday . It said, among other things: ​​"My tattoo will always remind me to be humble when it comes to venture capital investing."


On January 5, Novogratz first showed off his wolf tattoo on Twitter, enthusiastically expressing his support for the now-collapsed Terra ecosystem.


Terra 's stablecoin , TerraUSD (UST), which used an algorithm to maintain its peg to the US dollar, collapsed last week, dropping its sister token LUNA from $60 in less than 72 hours to almost $0 per token. The collapse has cost the crypto ecosystem about $40 billion.


“The collapse has shaken confidence in crypto and DeFi,” Novogratz said in the letter, “when money is being lost in such an abrupt manner, people want answers.”


He said the crypto industry, despite last week's "heartbreaking" turmoil in the market, looks stronger than ever and isn't going away any time soon.


“This does not mean that the crypto market will bottom and go straight back up. It will take restructuring, a redemption cycle, consolidation and renewed confidence in crypto.”

He explained that Galaxy Digital invested in LUNA with balance sheet capital in Q4 2020 and clarified that the company's finance department never used UST:


"With the investment in LUNA, our team initially wanted to work towards the expansion of blockchain-native payment systems."

According to a May 13 update from Galaxy Digital, the company expects a loss of $300 million in total earnings as of May 11. This reduces the partners' equity to $2.2 billion. That's down 12 percent from March 31.


Pantera Capital, one of Terraform Labs' early investors, said Thursday it had cashed out around 80 percent of its LUNA investment before the TerraUSD collapse. According to Pantera partner Paul Veradittakit, the company was able to turn $1.7 million into around $170 million.

Not only Novogratz got a tattoo. Crypto tattoos are becoming more and more popular and Google searches related to crypto tattoos increased by 222 percent in 2021. According to Crypto Head, more than 900 people worldwide have tattooed the Bitcoin ( BTC ) logo. But the Dogecoin ( DOGE ) and Ether ( ETH ) logos are also becoming increasingly popular.

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