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Delphi Digital admits ‘we were wrong’ on Terra stablecoin risks

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Crypto-focused research and investment group Delphi Digital has published a post-mortem on the losses inflicted by last week’s collapse of TerraUSD (UST) algorithmic stablecoin, concluding that it “always knew something like this was possible.” “We understood the risks of the algorithmic model upfront and sought to be transparent about them throughout; however, it’s clear we miscalculated the risks,” Delphi wrote in a blog post late Wednesday. “To the vocal critics of Terra’s algorithmic design — you were right and we …

Pantera Capital cashed out 80% of its Terra investment before UST crash

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Pantera Capital, one of the high-profile backers of Terraform Labs, cashed out nearly 80% of its Terra (LUNA) investment well before TerraUSD (UST) collapsed last week. “The market has been fairly frothy over the last year and thus we’d exited the majority of our position before any of this happened,” Joey Krug, co-chief investment officer at Pantera Capital, told The Block. “Roughly 80% over the last year, fairly gradually over time.” Pantera Capital invested at least twice in Terraform Labs …

Galaxy’s Mike Novogratz talks Terra collapse in new shareholder letter

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Mike Novogratz, the billionaire CEO of crypto investment manager Galaxy Digital, opined on the recent crisis in the Terra blockchain ecosystem, which saw the market collapse of both the LUNA token as well as the algorithmic stablecoin UST.  The shareholder letter penned by Novogratz comes days after Galaxy released an update on its liquidity position. Galaxy is an early backer of Terraform Labs, the developer of the Terra blockchain, having taken part in a $25 million funding round announced in …

a16z launches $600 million fund to invest in gaming industry

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Venture capital firm Andreessen Horowitz (a16z) has raised $600 million to build the future of the gaming industry. The firm has been investing in gaming for over a decade, but the new fund will “play a pivotal role in defining how we socialize, play, and work over the next century,” the firm said in a blog post announcing the move. With the new a16z fund, named “Games Fund One” the team plans on investing on various different themes within the …

Hackathon organiser and web3 incentive platform DoraHacks raises $20 million

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Hackathon organiser and web3 incentive platform DoraHacks has raised $20 million in a Series B1 round, led by FTX Ventures and Liberty City Ventures. The funds will be used to accelerate the launch of the Dora Grant DAO, a decentralized grant community, and the Dora Infinite Fund, the company said in a release on Wednesday. The fund will officially launch via an NFT drop later in 2022.  Circle Ventures, Gemini Frontier Fund, Sky9 Capital, Crypto.com Capital and Amber Group also …

TaxBit nets strategic investment from Haun Ventures

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Crypto tax software provider TaxBit has netted an investment from Haun Ventures. The venture capital firm formed by former federal prosecutor and Andreesen Horowitz general partner Katie Haun is seeking to help develop crypto firms through funding and engagement with policymakers and regulators. News broke that Haun raised $1.5 billion for two crypto-focused VC funds in March of this year. Since then, the funds have invested in non-fungible token platforms and web3 community builders among other projects.   TaxBit is its …

Nansen acquires DeFi investment tracker Ape Board for undisclosed eight-figure sum

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Quick Take Ape Board will become the starting point for a new free-to-use portfolio tracker. Nansen will onboard Ape Board’s employees and CEO in the coming months. Blockchain analytics platform Nansen has acquired Ape Board, a tool that allows users to track their portfolio of non-fungible token (NFT) and decentralized finance (DeFi) investments.  Ape Board will become the starting point of a new free-to-use portfolio tracker that will integrate with the rest of Nansen’s features, according to an announcement on …

BitMEX launches spot market in hopes of revival

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BitMEX — one of the longest-running exchanges in digital asset futures space — is hoping that the launch of a spot new market will help it lure retail customers in the midst of the crypto trading doldrums.  The firm, which has made headlines thanks to the legal woes of its founder Arthur Hayes, unveiled on Tuesday its new spot market, offering the trading of cryptocurrencies like bitcoin, ether, Bored Ape Yacht Club’s APE token, and Uniswap’s governance token UNI.  Since …

Grayscale set to roll out first European ETF

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Grayscale Investments announced on Monday it is set to make a play for Europe, with its first exchange traded fund (ETF) in the region.  The product, known as the Grayscale Future of Finance UCITS ETF, tracks the investment performance of the Bloomberg Grayscale Future of Finance Index, the firm said in a release.  It seeks to offer investors exposure to companies at the intersection of finance, technology and digital assets — companies that the firm says are building the digital …

MicroStrategy’s bitcoin bet turns negative amid crypto crash

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MicroStrategy’s massive bet on bitcoin is in the red after the cryptocurrency’s price fell below the software company’s average purchase price. MicroStrategy and its entities currently hold 129,218 bitcoins, bought at an average price of $30,700. The current bitcoin price is around $28,200, which translates to a paper loss of $330 million — although MicroStrategy hasn’t realized the loss by selling any bitcoin. Amid broader market fallout, MicroStrategy’s stock price has also declined sharply over the past few days. It closed at $168 on Wednesday, …