Galaxy Digital CEO Mike Novogratz, one of the top proponents of the failed LUNA token, has finally weighed in on the collapse of the token in a recent shareholder letter.
Novogratz, who had been eerily silent on Twitter over the past week, claims that he was busy reflecting on the economy and the cryptocurrency industry.
He says that the algorithmic UST stablecoin, which lost its peg earlier this month, was “a big idea that failed.”
Novogratz says that Galaxy invested in Luna in the fourth quarter of 2020. In January, he proudly showed off his tattoo devoted to the high-flying cryptocurrency. After the implosion of the token, Novogratz was widely ridiculed for his over-the-top promotion of the cryptocurrency project. "My tattoo will be a constant reminder that venture investing requires humility," the billionaire said.
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