ICYMI: Terra backer Pantera Capital says it cashed out 80% of investment before UST crash
that Pantera's LUNA investments were separate from its investments in Terraform Labs and took place in the summer of 2020 after LUNA's market debut.
Since Pantera exited most of its investment early on, it generated a significant profit, per the firm. The firm turned $1.7 million into around $170 million, Paul Veradittakit, partner at Pantera Capital, told The Block. The UST algorithmic stablecoin de-pegged sharply last week to levels below 10 cents, far from its target price of $1. It is still trading at that level. Meanwhile, LUNA is currently trading at a fraction of a cent, from over $80 earlier this month.
"We got out of 2/3 of that at an average price of $25.6," said Krug."The remainder of that was staked via LUNAX and so unable to be sold."Veradittakit had promoted investing in Terra-based decentralized finance platform Anchor, which has also lost almost all of its customer funds due to the UST collapse.
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