In a Bloomberg interview, Hashed CEO Simon Seojoon Kim revealed that the VC firm lost more than $3 billion on its investment in LUNA after it crashed in May 2022.
As an early investor in Terraform Labs’ $25 million venture round, hashed purchased approximately 30 million LUNA tokens. According to Kim, hashed kept the tokens and lost a lot of money in the crash.
The extent of the loss was determined by using LUNA’s price peak of $116.11 on April 5, which revealed that the firm’s token would have been worth $3.6 billion.
After the UST stablecoin lost its peg, LUNA dropped to a few cents. As a result of the crash, over $40 billion in investor funds were lost.
Despite the setback, Kim confirmed that his company would continue to invest in the blockchain sector. He stated: – “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 continues to invest
Kim told Bloomberg that the firm is planning to raise more capital in the first half of 2023.
It is now looking to increase its investments in blockchain-based gaming startups. He believes that as non-fungible tokens evolve to serve as a bridge, the virtual game world will become more interconnected with the real economy.
Hashed has so far raised $320 million in two rounds of venture capital. Its first fund, worth $120 million, will be launched in December 2020. The funds were distributed to blockchain startups such as dYdX, Mythical Games, Republic, Chai, and NFTBank. In its second round, the venture capital firm raised $200 million. A significant portion of the funds were invested in startups seeking seed to Series B funding.
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