September 27, 2022


South Korean blockchain venture capital firm Hashed has revealed plans to raise more capital to support GameFi projects after losing more than $3.5 billion in the Terra LUNA crash in May.

Hashed CEO Simon Seojoon Kim told Bloomberg interview that he is still bullish on crypto assets and will continue to support promising industry projects despite the huge losses his company suffered two months ago.

Hashed Confirms $3.5B Loss In Luna Crash

Hashed was founded in 2017 by a team of serial entrepreneurs and engineers. Since then, the venture capital firm has backed several high-profile blockchain projects, including The Sandbox and Sky Mavis’ for-profit game Axie Infinity.

The VC first invested in Terra in 2019, making it one of the first investors to back the project. Hashed increased its exposure to the Terra ecosystem in the following years, and in 2021, the venture capital firm participated in TerraForm Labs’ $25 million fundraising.

According to Kim, the VC bought 30 million LUNA tokens during Terra’s early days. The company’s LUNA holdings were $3.6 billion when the cryptocurrency traded at an all-time high in April 2022. However, Hashed lost everything during the crash, as the CEO noted that the company held 99 % of her tokens throughout the fiasco.

Kim remains optimistic

Unlike many companies that went under due to exposure to Terra, Hashed managed to stay alive and ride out the setback.

“In technology, there is no portfolio that guarantees success, and we make our investments with that in mind. We believe in community development and that has never changed,” said Kim.

The CEO also revealed that Hashed has already deployed half 200 million dollars increased in December. The company plans to secure new funding once it exhausts the remainder of its legacy capital.

The company intends to increase its investment in the GameFi sector. GameFi refers to blockchain games that reward users for playing games. These games also combine blockchain concepts such as non-fungible tokens (NFTs) and the metaverse to give players an immersive experience. P2E games became popular in 2021, with games like Axie Infinity and Gods Unchained (GODS) being the most profitable.

Kim believes that the P2E gaming metalink will interconnect with the real world as blockchain gaming projects explore ways to allow users to exchange assets between the virtual and real worlds.

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