Crypto VC firm Pantera capital, who was among the high-profile backers in Terraform Labs recently revealed on cashing out nearly 80% of its investment before UST’s collapse, while making massive profits along the way. Turning Terra’s Investment into 100x Profit In a recent interview with a crypto publication, Pantera Capital stated that it had liquidated nearly 80% of its Terra (LUNA) investment before the collapse of its sister stablecoin UST 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. Roughly 80% over the last year, fairly gradually over time,” Joey Krug, co-chief investment officer at Pantera Capital said. Due to its early exit, the firm turned investment into Terraform from $1.7 million into around $170 million. Meanwhile, other venture capital firms that backed Terraform are under intense losses. Pantera’s Investment In Terraform Pantera Capital-backed its $25 million round in January 2021 and then joined its $150 million ecosystem fund round in July 2021. However, Krug later clarified in a tweet that Pantera’s LUNA investments were separate from its investments in Terraform Labs and took place in the summer of 2020 after LUNA’s official launch “We managed that position down over time as it became increasingly profitable/large, in order to maintain a diversified portfolio. We initially invested in LUNA because of the progre...
