VC Fund Hashed Loses Over $3.5 Billion in UST and Luna Crashes

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Today’s Cryptocurrency Headline

Hashed, an early-stage venture fund based in Seoul, South Korea, appears to have lost over $3.5 billion in the UST and Luna incidents. On-chain data shows that the company has more than 27 million LUNA staked on the Columbus 3 mainnet, 9.7 million LUNA for the Columbus 4 mainnet, and 13.2 million LUNA in the current Columbus 5 mainnet. Using pricing data from early April, Hashed’s losses totalled more than $3.5 billion. In addition, according to local South Korean media reports, more than 200,000 investors in the country hold Terra-related tokens.

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The State of Blockchain Q1’22 Report released by CB Insights shows that the financing scale of the blockchain industry in the first quarter of this year reached $9.2 billion, a record high. Bitcoin is up 4.5% over the last 24 hours and rose to an intraday low of $30,506.00. Bitcoin returns above the $30,000 price level, suggesting that the bulls have not given up and they continue to buy at lower levels. The relative strength index (RSI) on the daily chart is moving away from oversold levels, indicating the selling pressure is reducing.

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