“Greed, ignorance and stupid risk management” led to the fall of the cryptocurrency market. This was stated in an interview with Bloomberg by the head of Galaxy Digital, Mike Novogratz.
The top manager stated that the collapse of the Terra ecosystem and problems Celsius Network, Voyager Digital and Three Arrows Capital made the whole industry look like a bunch of idiots. The first episode “set off a chain of events,” as trivial as it sounds, he added.
Galaxy Digital also invested in Terra. At the beginning of the year, Novogratz called himself “LUNAtic”, about which subsequently regretted. He admitted that the tattoo at the time would be a constant reminder that venture investing requires humility.
“Lesson learned [из недавних событий] is that the industry, a lot of retail investors, had a very limited understanding of risk management,” he explained.
Failed firms went too far because of greed and ignorance, Novogratz noted.
“Three Arrows Capital has launched the flywheel of a full credit crunch. We’ve taken massive damage to trust […] and scared retail investors”, acknowledged the CEO of Galaxy Digital.
Formerly Novogratz named Terra USD is “a big idea that failed.”
Recall that the debt of Three Arrows Capital amounted to $3.5 billion.
Before that, Celsius Network reported a “hole” in the balance sheet for $1.2 billion.
Estimated liabilities of Voyager Digital may be from $1 billion to $10 billion.
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“Greed, ignorance and stupid risk management” led to the fall of the cryptocurrency market. This was stated in an interview with Bloomberg by the head of Galaxy Digital, Mike Novogratz.
The top manager stated that the collapse of the Terra ecosystem and problems Celsius Network, Voyager Digital and Three Arrows Capital made the whole industry look like a bunch of idiots. The first episode “set off a chain of events,” as trivial as it sounds, he added.
Galaxy Digital also invested in Terra. At the beginning of the year, Novogratz called himself “LUNAtic”, about which subsequently regretted. He admitted that the tattoo at the time would be a constant reminder that venture investing requires humility.
“Lesson learned [из недавних событий] is that the industry, a lot of retail investors, had a very limited understanding of risk management,” he explained.
Failed firms went too far because of greed and ignorance, Novogratz noted.
“Three Arrows Capital has launched the flywheel of a full credit crunch. We’ve taken massive damage to trust […] and scared retail investors”, acknowledged the CEO of Galaxy Digital.
Formerly Novogratz named Terra USD is “a big idea that failed.”
Recall that the debt of Three Arrows Capital amounted to $3.5 billion.
Before that, Celsius Network reported a “hole” in the balance sheet for $1.2 billion.
Estimated liabilities of Voyager Digital may be from $1 billion to $10 billion.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
