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Crypto News, May 19: Pantera Cashed out LUNA in Time, Novogratz Did Not

1mo ago

VC fund Pantera Capital announced that it had cashed out most of its LUNA in time, unlike Novogratz, who is left with a LUNA tattoo (which he does not regret).

Crypto News, May 19: Pantera Cashed out LUNA in Time, Novogratz Did Not

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Pantera Capital Cashed out LUNA in Time 🕚

VC fund Pantera Capital turned a tidy profit on its LUNA investment and cashed out 80% of it in time, according to executives. That comes on top of a profitable seed round investment in Terra, which will leave retail traders wondering why the big boys always get away with it. The fallout from the UST collapse continues, as UST still seems to be on the book of centralized savings providers.

Novogratz Says LUNA Tattoo Will Be a Constant Reminder 🌝

Mike Novogratz, CEO of Galaxy Digital, has no regrets regarding his LUNA tattoo. He said it will serve as a constant reminder that investing requires humility. The billionaire investor turned to shareholders with an open letter, breaking his silence following Terra’s collapse. He addressed the bad macro conditions that accompanied the crash and expects crypto to consolidate before moving back up.

Crypto Legalization in Russia Edging Closer, Says Minister 🔜

Russia Minister of Industry and Trade, Denis Manturov, said crypto legalization in Russia is only a matter of time. The minister stressed the necessity for regulation to be introduced and admitted that the government is actively working in this direction. Russia has become markedly more crypto-friendly in recent weeks, with a draft bill already being discussed between different ministries.

Ethereum Ropsten Testnet to Merge in June

Ethereum is moving a step closer to completing its switch to Proof-of-Stake in June. The Ropsten testnet is set to undergo a merge with a proof-of-stake chain, marking the closest equivalent to merging the Ethereum mainnet thus far. The developer community fully expects Ethereum to stick to its merge schedule in the months after June.

A16z Launches $600 Million Metaverse Gaming Fund 🕹

Andreessen Horowitz announced the launch of a $600 million metaverse gaming fund called GAMES FUND ONE. The fund will invest in game studios, game and consumer applications, and gaming infrastructure. Andreessen Horowitz was joined by several industry leaders, which marks almost three billion dollars raised for web3 gaming
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