The collapse of the Terra blockchain in May 2021, which resulted in the crash of its native tokens, Terra (LUNA) and TerraUSD (UST), threw lots of people into pains that would take years to heal. The collapse also caused the loss of lives via suicide. But it seems nobody knew that Hashed lost a whopping $3 billion worth of LUNA tokens in the historic crash.
The latest development was revealed by Simon Seojoon Kim, the head of VC firm Hashed, in an exclusive interview with Bloomberg.
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Kim is known as the most popular crypto investor in South Korea and an early supporter of the embattled digital currency, Terra (LUNA), according to Bloomberg.
He revealed that he bought 30 million LUNA in the early days of the project and lost most of the investment in the crash. The number of tokens he purchased would have been worth as much as $3.6 billion when the price of LUNA peaked on the 5th of April.
Simon Seojoon Kim Remains Determined
Despite the major loss, Kim told Bloomberg that he won’t back out of crypto investments in the tech sector. He said hashed has deployed more than half of the 240 billion won ($180 million) fund it raised in December 2021, adding that a new vehicle will be raised as soon as the rest is used up.
Showcasing his determination, Kim said, “In the tech sector, there’s no such thing as a portfolio that guarantees success, and we make our investments with that in mind. We believe in the community’s growth, and that has never changed.”
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In the course of the interview, Kim revealed that he held on to 99% of his early investment in LUNA before the crash, adding that what he sold were staking rewards.
South Korean Prosecutors Raiding Crypto Exchanges
Since the major collapse of Terra (LUNA), several crypto exchanges have been raided by South Korean prosecutors. They have also searched the home of one of the co-founders of Terraform Labs, the research firm behind LUNA and UST development, as they investigate allegations of fraud and illicit fundraising. And some of the firm’s employees have been barred from leaving the country.
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