Mike Novogratz, the billionaire CEO of crypto investment manager Galaxy Digital finally breaks the silence on the recent crisis in the Terra ecosystem, which saw the collapse of its $18 billion algorithmic stablecoin and $30 billion network token, LUNA.
Mike Novogratz Breaks Silence on the Whole Terra Fiasco
Michael Novogratz, CEO of Galaxy Digital, is a known supporter of the Terra ecosystem, including its Luna cryptocurrency and its algorithmic stablecoin TerraUSD (UST).
For instance, in January, Novogratz tweeted a picture that he got a LUNA-themed tattoo and said he was “officially a Lunatic.” Do Kwon, creator of Luna and UST, replied, calling Novogratz the “King Lunatic.”
However, after the UST de-pegging incident and the entire Terra ecosystem getting obliterated, the billionaire has remained silent online until recently.
Addressing Galaxy “shareholders, friends, partners, and the crypto community,” Novogratz said in a statement:
“My tattoo will be a constant reminder that venture investing requires humility,”
Mike Novogratz Still Remains Optimistic in Crypto
Galaxy Digital has invested in the Terra ecosystem since September 2020, before it became entered among the top 10 blockchain projects.
However, despite last week’s “heart-wrenching” market pandemonium, Novogratz believes the crypto industry looks stronger than ever and wouldn’t be going away any time soon.
“This does not mean the crypto market will bottom and head straight back up. It will take restructuring, a redemption cycle, consolidation and renewed confidence in crypto,” he said in his statement.
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