Hashed CEO remains a crypto believer after $3 billion loss
Kim Seo-joon, an early supporter of Luna and the CEO of a Seoul-based Hashed, said he has not lost faith in the crypto and will raise a third venture capital fund next year.
Kim is looking into investing in blockchain-based video games, after reportedly losing some $3 billion worth of Luna tokens, he told Bloomberg in an interview Wednesday.
Hashed is a crypto investment company that provides early-stage venture funding, blockchain and cryptocurrency services. Kim founded the company in 2017. Its portfolio includes Terra, Ethereum and Aptos, according to its website.
Kim said Hashed bought 30 million Luna tokens in the project’s early stage, which would have been worth $3.6 billion when Luna’s value peaked at $119.02 on April 5. Most of the value was lost after TerraUSD and Luna plunged overnight in May. Kim said he held 99 percent of his early Luna investment throughout the crash.
Kim has been criticized by some local media outlets for hyping the value of Luna.
In the early stage of Terra’s collapse, Kim openly supported the coins.
Terra’s liquidity has crashed but the price mechanism has been preserved, he argued in a tweet in May, adding the value of TerraUSD will recover to 1 dollar.
Kim also criticized a YouTuber who mentioned the volatility of Terra and the structure of stablecoin on his Facebook page.
The posts on the social media were later deleted.
“In the tech sector, there’s no such thing as a portfolio that guarantees success, and we make our investments with that in mind,” Kim said in the interview.
The prosecution is investigating Terraform Labs and its co-founders Do Kwon and Daniel Shin. It also raided the offices of crypto exchanges and related firms, including blockchain consultancy firm Kernel Labs.
Following a $40 billion crash of Terra coins, lawsuits have been filed against Terraform Labs and its co-founders in a number of countries, including in Korea and the United States. A police complaint has reportedly been filed in Singapore.
BY JIN MIN-JI [firstname.lastname@example.org]