Terra’s LUNA debacle three months ago severely impacted the cryptocurrency market, resulting in billions of dollars lost. Besides the individual investors of the project, now rebranded as TerraClassic (LUNC), many corporate investors also incurred significant losses amid the token’s crash.
Hashed missed $3 billion from LUNC
Hashed, a South Korean cryptocurrency venture capital firm, bought 30 million LUNA tokens during the early stage of the project, according to the CEO, Simon Seojoon Kim. The company’s LUNA position rose to almost $3.6 billion when the token reached its all-time high in April 2022, at $119.18.
A month later, the $3 billion position vanished as LUNC began suffering a heavy crash alongside Terra’s algorithmic stablecoin, UST. Hashed’s 30 million LUNC tokens are currently worth around $3,000 at the token’s current price of $0.0001015. This represents an over 99% decrease from the ATH.
Hashed plans to raise funds for GameFi
Despite the ugly experience with Terra, the Korean VC company is not dismayed from investing in cryptocurrency startups. In a report by Bloomberg, Kim disclosed that the company intends to raise a third venture capital fund during H1 2023, especially for projects in the GameFi space.
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.
With blockchain and the NFT technology, video games would become increasingly interconnected with the real economy, says Kim. This could create “a vast number of jobs as assets are exchanged between the virtual and real worlds,” he added.
In December, Hashed raised about 240 billion won ($180 million) in VC fund. Kim said the company had invested more than half of that investment fund.