Wall Street

Billionaire Novogratz on Lessons Learned After UST, Luna Crashed

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The Street

By Luc Olinga The former Goldman Sachs banker was a big fan of the Luna token. Despite its crash, he’s remains a proponent of crypto. Mike Novogratz first went silent. And this lasted almost 10 days. And then he opened up and explained. He, like a large number of institutional investors and retail investors, watched the prices of the UST stablecoin and its sister token Luna tumble and then crash. From May 9 to May 13, at least $55 billion of market cap disappeared, causing colossal losses to many investors. On social media, testimonies of financial ruin have followed, as reported here by TheSt…

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