CRYPTO NEWS

South Korean VC firm Hashed lost more than $3 billion in LUNA collapse

Hashed CEO Simon Seojoon Kim disclosed in a Bloomberg interview that the VC firm lost more than $3 billion from its investment in LUNA after it crashed in May 2022.

Hashed bought about 30 million LUNA tokens as an early investor in Terraform Labs’ $25 million venture round, conducted in January 2021.  According to Kim, Hashed held on to the tokens and lost a fortune from the crash.

In accessing the extent of the loss, LUNA’s price peak of $116.11 on April 5 was used, and it revealed that the firm’s token would have been worth $3.6 billion. The crash saw LUNA dropping to a few cents after the UST stablecoin lost its peg. Consequently, over $40 billion of investors’ funds was lost in the crash.

Kim, however, confirmed that his firm would continue investing in the blockchain sector, despite the setback it experienced. He 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.”

Hashed still Investing

Kim told Bloomberg that plans are underway for the firm to raise more funds in the first half of 2023. It is now looking to invest more in blockchain-based gaming startups.  He is optimistic that the virtual game world would become more interconnected with the real economy, as non-fungible tokens evolve to serve as a bridge.

Hashed has so far deployed $320 million in two venture funding rounds. Its first fund of $120 million was launched in December of 2020. Blockchain startups including dYdX, Mythical Games, Republic, Chai, and NFTBank, were among the recipients of the funds.

The VC firm launched a $200 million fund in its second round. A large portion of the funds was invested into startups raising seed to Series B funding.

Venture Capitals still funding crypto startups

During the first half of 2022, venture capitals invested $17.5 billion in crypto startups, according to data from PitchBook. The first quarter recorded the largest inflow of $9.85 billion, while $6.76 billion was invested in the second quarter, showing a 31% decline from the previous quarter. The crypto winter contributed to the declines as many crypto startups were losing their valuations.

VC Portfolio Manager at Arca David Nage, however, argued that the decline in funding may not persist as some VCs are still investing while others are waiting for company valuations to cool down before deploying their funds anywhere from September. 

Nage said.

“There’s been this kind of viral dialogue that sometime around September, valuations are gonna come down even more significantly and it’s just gonna be a frenzy,”

The post South Korean VC firm Hashed lost more than $3 billion in LUNA collapse appeared first on CryptoSlate.

Tezos prediction as price makes slow but sure gains

Tezos’s blockchain-enabled voting system Electis is gaining traction The native token XTZ has surged by 8% in the last one week Tezos remains on a clear uptrend making higher prices attenable Tezos XTZ/USD is not the top gainer in the last week. However, it is among those that have retained gains, with at least an::Listen

  • Tezos’s blockchain-enabled voting system Electis is gaining traction

  • The native token XTZ has surged by 8% in the last one week

  • Tezos remains on a clear uptrend making higher prices attenable

Tezos XTZ/USD is not the top gainer in the last week. However, it is among those that have retained gains, with at least an 8% surge in seven days. Expectations of growth of the utility of the blockchain’s native token are triggering the surge. 

Tezos has had no significant news lately. However, optimism is growing around the blockchain’s e-voting system Electis. The encrypted and fully anonymous blockchain-enabled e-voting system has been adopted widely. Over 20,000 votes have been using the voting system since it was launched. 

Recently, on July 15, Electis announced that three bodies of the United Nations have started using the voting system. The organizations include YOUNGO, DG7 Youth Constituency, and the Women and Gender Constituency. The adoption cements Tezos as a blockchain of the future. While there are numerous use cases to be explored, these positive developments could fuel the gains.

Tezos maintains a clear uptrend above support

Source – TradingView

From the technical outlook, Tezos trades above a support zone at $1.6. The token is pushing higher from the 21-day moving average. The token is also supported by the 50-day moving average. The MACD indicator shows a strong bullish momentum building.

We expect the current bullish momentum in Tezos to be sustained. Short corrections to the support are still possible and offer buying opportunities. The token will face resistance at $2.2. If the level is successfully cleared, the next zone to watch is $2.9.

Concluding thoughts

Tezos token remains on an uptrend after reclaiming the $1.6 support. The token will rise to $2.2, where it faces major resistance. Investors should take advantage of any short-term retracements.

The post Tezos prediction as price makes slow but sure gains appeared first on CoinJournal.

South Korean VC firm Hashed lost more than $3 billion in LUNA collapse

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