Mike Novogratz, billionaire investor and Galaxy Digital CEO, published a post about the recent Terra fiasco. Novogratz and Galaxy Digital were big believers in the Terra ecosystem, viewing it as “an example of crypto finding a real-world use case.” Novogratz, who even got a LUNA-themed tattoo on his arm, posted a tweet regarding Terra LUNA and UST fallout, resulting in a $40 billion market value being destroyed in a very short amount of time.

Highlighting the heart-wrenching stories of retail investors who lost their savings, Novogratz emphasized the importance for less experienced market participants to risk what they are comfortable losing, advising an allocation of 1%-5% of total assets to the space. Novogratz said that he is still a firm believer in the crypto, but doesn’t think that the bottom is in yet.