Galaxy Digital founder: LUNA tattoo will always remind me of the need for humility in venture capital

On May 19, Galaxy Digital announced in an official social media post that the crypto investment company's founder and CEO Mike Novogratz has published an open letter, This is the first time That Mike Novogratz has broken his silence since the Terra/UST incident 10 days ago. Mike Novogratz was so supportive of LUNA that he even got a tattoo on his arm. In his open letter, Novogratz said the tattoo will now serve as a constant reminder of the need for humility in crypto ventures. Mike Novogratz also said that the UST mechanism was open and transparent, and the attempt to create an algorithm Stablecoin that could operate in the digital world, while a good idea, failed, mainly because the downward pressure on reserve assets combined with the UST run caused a crash. However, Mike Novogratz noted that Galaxy Digital disclosed liquidity, capital and operating results as of May 11, which showed no Stablecoin algorithm used in the reserves.