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Mike Novogratz, the founding billionaire of crypto asset management firm galaxy digital, told its supporters that its luna inspired tattoo will serve as a reminder to stay humble in the world of venture capital investment.
Following the fallout of the recent LUNA / UST meltdown, Novogratz penned an open letter on Wednesday, telling his followers that: ??“My tattoo will serve as an ongoing reminder that investing at risk requires humility."
It was on Jan. 5 tha novogratz first showed his wolf-themed tattoo to his 461,000 twitter followers in an enthusiastic demonstration of his support for the now-collapsed terra ecosystem.
— Michael Novogratz – @novogratz January 5, 2022
This is terra's vise, which used an algorithm to keep a balance with the u.s. dollar, fell apart last week, raise the price of your luna sibling token from $60 to $0 in less than 72 hours. The collapse has cost about 40 billion dollars of the cryptocurrency ecosystem.
"The collapse has tainted confidence in crypto and defy," says Novogratz in the letter, "whenever money is lost in such an abrupt manner, people want answers.”
He said that despite last week's "heartbreaking" pandemonium market, the crypto industry appears stronger than ever and would not disappear anytime soon.
'This does not mean that the crypto market is going down and head up. This will require restructuring, a buy-back cycle, consolidation and renewed crypto confidence.”
He explained that Galaxy Digital invested in LUNA in Q4 2020 using balance sheet capital, and said the company's treasury never used UST.
“Our team's initial thesis to invest in LUNA was centered on the expansion of native blockchain payment systems."
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 first investors in terraform laboratories, revealed today that it had cashed about 80% of its investment luna long before the terrausd collapse. According to Pantera's partner paul veradittakit, the company managed to turn $1.7 million into approximately $170 million.
We have been able to reduce this position over time as it has become increasingly profitable and important to maintain a diversified portfolio. We initially invested in LUNA because of the progress we saw in developer adoption, the payments usage, and the broader ecosystem being built on Terra
— Joey Krug (@joeykrug) May 18, 2022
It’s not just Novogratz getting inked — crypto-themed tattoos have grown substantially in popularity with crypto tattoo-related Google searches surging by 222% in 2021. According to data from Crypto Head, more than 900 people worldwide have inked themselves with the Bitcoin (BTC) “B” while Dogecoin (DOGE) and Ethereum (ETH) tattoos are on the rise.
