How Delphi Ventures entire LUNA portfolio was reduced to ashes
The crash of the Terra ecosystem left many stunned, and it seems that we have another victim for the same. Delphi Ventures, the funding arm of cryptocurrency research firm Delphi Digital released a report confirming that the firm lost all its investment in LUNA after the price crash a few days ago.
Delphi Ventures did not sell any LUNA
According to a recent blog post, Delphi Ventures has lost an investment of $10 million on LUNA and "are currently sitting on a large unrealized loss." The firm first invested in LUNA in the secondary market in Q1 2021 and has since then increased its holdings."Even at LUNA's peak price this year, LUNA and other Terra assets made up only ~13% of NAV across Delphi Ventures. On a deal-count basis, less than 5% of Ventures' total number of deals were in companies or protocols related to the Terra ecosystem," said the blog post.Despite losing a huge chunk of investment and time, the firm remains positive as it is a fully self-funded company.
Pantera Capital saves itself
On the other hand, it is important to note that a tweet from Joey Krug, co-chief investment officer at Pantera Capital, the largest crypto hedge fund in terms of Asset Under Management, had confirmed that the firm invested in LUNA before the launch of UST and was able to sell 80% of its holdings in profit. Interestingly, 2/3 of the remaining 20% was sold at an average price of $25.6, while the remaining was staked via LUNAX, which the firm was unable to redeem."We managed that position down over time as it became increasingly profitable/large in order to maintain a diversified portfolio. We initially invested in LUNA because of the progress we saw in developer adoption, the payments usage, and the broader ecosystem being built on Terra," Krug added.The Terra crash has become one of the biggest disasters in the world of cryptocurrencies and finance. As a result, South Korea is determined to investigate the Terraform Labs, and its co-founder, Do Kown.
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