Hashed Has Lost $3.5B Due to Terra Crash

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The recent collapse of Terra has cost blockchain company Hashed $3.5 billion in losses, according to on-chain data. Investment firm Delphi Digital could also lose up to 13% of its assets against the background of the incident, which was the equivalent of the peak value of the purchased LUNA tokens.

Representatives of Delphi Digital have admitted they had concerns about the design of UST and LUNA, but believed in the ability of LFG with its reserve fund to prevent the “unthinkable.”

The company has said:

“We miscalculated the risk of a death spiral. Over the past week we have had to sweat a lot because of this, and we deserve it. The criticism is valid and we accept it.”

Delphi Ventures started by buying LUNA in the first quarter of 2021 at 0.5% of NAV at the time. The position increased as the asset grew. In February this year, the firm invested $10 million in LFG. Now, having not managed to sell a single coin, Delphi Digital is forced to reflect a “large unrealized loss” in its financial statements.

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