The loss stories associated with the Terra (LUNA) debacle and the stable coins Terra USD (UST) keep showing up. Now, there are several companies that report the capital lost after their respective investments in some of those currencies and even in the project in general.
Among those companies is the world’s largest bitcoin and cryptocurrency exchange, Binance. As its CEO, Changpeng Zhao, commented earlier this week, exchange losses equal to about $3 million of the initial investment in LUNA (about 15 million units).
However, taking into account the peak price of the token, the funds came to have a value of more than 1,600 million dollars. Now, they’re not even $3,000, with LUNA worth less than a penny. At no time were those tokens moved or sold, explained CZ via Twitter.
They also have about 12 million UST that did not move either and that, as with LUNA, today are worth much less. Having not sold any part of the funds, we could speak of unrealized losses. However, the outlook does not look conducive to a recovery in the value of any of the tokens.
One of the companies with the greatest support for Terra is the South Korean firm Hashed. And according to a Coindesk report, the loss of this company with respect to the LUNA price peak would be around 3.5 billion dollars after having invested about 50 million dollars in the token.
To Sell or Not to Sell: Between Delphi Digital and Galaxy by Mike Novogratz
Another losing company is analytics firm Delphi Digital. Although they did not specify amounts, in a blog post the firm details that it started with an investment equivalent to less than 1% of its asset portfolio, but it was increasing positions as LUNA appreciated. They even invested about 10 million dollars in Luna Foundation Guard, last February.
Regarding the debacle, the firm claimed to have been aware of the risks of something like this happening. But, the publication continues, they did not know how to calculate the magnitude of the risk and that is why they accept all the criticism received in this case. Just like Binance, Delphi Digital also claimed not to have sold LUNA during the collapse of the Terra ecosystem.
“The fact is that we miscalculated the risk of a ‘death spiral’ event coming to pass. We’ve gotten some flak for this over the last week, and we deserve it. The criticism is fair and we accept it.”
The case of Galaxy Digital is very different. Contrary to the movements of Binance or Delphi, Galaxy was taking profits from its reserves in LUNA as the token was rising in price.
According to data from the firm itself, last December it had the equivalent of just over 400 million dollars in LUNA, but at the end of the first quarter of this year they reported profits of more than 350 million from sales of the token.
Exactly how much they have left in LUNA is unknown, but assuming they had only sold the amount reported at the end of March, their losses would be minimal compared to the rest. As we have reported in CriptoNoticias, traders and investors of all kinds were hit by the Terra case.