Mike Novogratz CEO of $3.5 billion market cap Galaxy Digital (TSX: GLXY) has a HUGE tattoo on his arm of LUNA the death spiraling Cryptocurrency that is supposed to back the "stablecoin" TerraUSD (UST) and keep it pegged to the USD.
This morning, UST plunged to a new all-time low of $0.19 although it has recovered slightly to $0.4293.
When Novogratz got his tattoo on January 5, 2022, he thanked Do Kwon the CEO of Terraform Labs the company behind LUNA and UST. This morning, Do Kwon tweeted that his solution to restoring the peg between UST and the USD is to print more LUNA, which has caused LUNA to crash another 89.27% today alone! LUNA is now down by 98% since Novogratz got his tattoo! LOL!