Crypto Billionaire Mike Novogratz Affected by LUNA’s Crash


Former Goldman Sachs banker, and CEO of Galaxy Investment Partners – a crypto-centered investment company – Mike Novogratz, is one of LUNA investors affected by its huge price decline.

This is five months after he had revealed his affinity for the L1 blockchain by revealing his tattoo of the coin.

Earlier in April, the CEO was at the Bitcoin conference in Miami where he had enjoyed much fame and acclaim from the crypto community. At the event, Novogratz stated that he was probably the only guy in the world with a Bitcoin and Luna tattoo.

The Galaxy Digitals CEO, alongside other billionaires like Elon Musk, Michael Saylor, Jack Dorsey, amongst others have become vocal supporters of the industry.

Despite not outrightly shilling LUNA, the CEO’s reputation in the industry might have pushed other crypto enthusiasts to invest in the asset as his tattoo could have been explained to be an indirect support for the coin.

Fast forward to five months after the public display of affection for the project; the value of the asset crashed.

LUNA Crash Affects Novogratz, others

As of press time, the token had witnessed a 100% decline and its market cap had dropped from as high as $41 billion to around $623 million, according to data from Coingecko. To put it simply, Luna investors are at loss.

Like most crypto investors, Mike’s fortune too has declined. Per data from Bloomberg Billionaire Index, Novogratz wealth declined from $8.5 billion to $2.5 billion —a $6 billion loss.

Meanwhile, members of the Twitter crypto community are beginning to tie his absence online to the crash of the Terra ecosystem.

Terra community can expect a little respite from the token decline as Do Kwon, the project’s founder has released a new proposal that looks to revive the fortunes of the project.