Crypto VC firm Hashed confirms losing more than $3 billion in luna crash: Bloomberg

Crypto venture capital firm Hashed lost more than $3 billion from its investment in the Terra ecosystem’s luna token following its crash in early May, CEO and managing partner Simon Seojoon Kim has confirmed.

In an interview with Bloomberg published on Wednesday, Kim said Hashed had bought 30 million luna tokens in the blockchain project’s early days, which were worth as much as $3.6 billion when luna’s price peaked in early April.

This is the first time Hashed has officially confirmed the extent of its loss in the luna crash. In May, CoinDesk, citing on-chain data, reported that Hashed had staked a total of nearly 50 million luna tokens and that its losses appeared to have been over $3.5 billion.

The Terra ecosystem began to collapse on May 7 when the price of its algorithmic stablecoin TerraUSD (UST) lost its peg to the US dollar. UST’s sister token, luna, crashed in tandem — dropping from around $80 to just a few cents. Terra’s implosion wiped out more than $40 billion in investor wealth in a matter of days.

But despite facing heavy losses in luna, Hashed hasn’t lost faith in crypto. The firm, in fact, plans to raise a third fund in the first half of next year, Kim told Bloomberg.

It isn’t clear how much money Hashed would hope to raise for its new fund and Kim didn’t respond to The Block’s request for comment.

Hashed has previously raised at least $320 million in two venture funds. If and when the firm is able to raise a new fund, it will focus on investing in blockchain-based gaming startups, according to Kim.

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