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In How a Trash-Talking Crypto Founder Caused a $40 Billion Crash, David Yaffe-Bellany and Erin Griffith note that:
"The downfall of Luna and TerraUSD offers a case study in crypto hype and who is left holding the bag when it all comes crashing down. Mr. Kwon’s rise was enabled by respected financiers who were willing to back highly speculative financial products. Some of those investors sold their Luna and TerraUSD coins early, reaping substantial profits, while retail traders now grapple with devastating losses.
Pantera Capital, a hedge fund that invested in Mr. Kwon’s efforts, made a profit of about 100 times its initial investment, after selling roughly 80 percent of its holdings of Luna over the last year, said Paul Veradittakit, an investor at the firm.
Pantera turned $1.7 million into around $170 million."
Where did that $168.3M come from? Retail traders. It is all about ripping off the muppets.
May 19, 2022, 11:47:46 AM
Posted to Metastablecoins