Speaking for the first time since the sensational collapse of the Terra ecosystem, Galaxy Digital CEO Mike Novogratz penned an open letter warning of the risks of cryptocurrency.
Galaxy Digital, along with an “all star roster” of investors including Delphi Digital, Lightspeed Ventures, and Pantera Capital, to name a few, backed Terraform Labs to the tune of $150 million in July 2021.
Such was Novogratz’s belief in the project; he had a LUNA tattoo done just weeks before the implosion. However, the billionaire now says it has become a “constant reminder that venture investing requires humility.”
Source: @WatcherGuru on Twitter.com
Terra’s DeFi for the masses plan goes awry
The spectacular downfall of Terra LUNA and its UST stablecoin served as a harsh lesson to all involved in cryptocurrency. Over $400 billion took flight following UST losing its $1 peg price, decimating token prices across the board.
At the heart of the issue is the fragile algorithmic pegging mechanism use
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