Kim Seo-joon, head of South Korean blockchain venture capital (VC) fund Hashed, said in an interview with Bloomberg he lost most of his LUNA investments during the crash in May but is planning a third VC fund in the first half of 2023.
See related article: Scarred by Terra-LUNA, South Korea moves ahead with digital asset reform
Fast facts
- Kim claims he purchased 30 million Luna, now Luna Classic, near the beginning of Terra-LUNA and carried through 99% of the investments during Terra’s collapse, which amounted to nearly US$3.6 billion at the peak of LUNA in April.
- South Korean media reported that some raised suspicions that Hashed promoted the fallen cryptocurrency extensively and also liquidated over 100 billion Korean won (US$76 million) worth of LUNA a few months before the crash.
- “The assets that we invest in are experimental, and we have always kept it a rule to not make any trade recommendations,” Kim said, indirectly addressing the issue to Bloomberg News.
- Kim says that Hashed has used about half of the 240 billion won it raised in December and plans to start raising a new fund when the rest is deployed.
- The CEO at Hashed says the VC is looking into ramping up more investments in GameFi, a mix of gaming and finance where players in blockchain games can earn and own assets in-game.
- Hashed has supported startup projects in crypto such as The Sandbox and Axie Infinity’s Sky Mavis.
See related article: S. Korean blockchain VC Hashed under tax investigation as CEO denies tax evasion