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First Mover Americas: Hashed Takes $3.5B Hit on LUNA as Bitcoin Trades Under $30K

“We always knew something like this was possible, and we tried to stress the risks to a system like this in our research and public commentary, but the fact is we miscalculated the risk of a “death spiral” event coming to fruition. We’ve taken some heat for this over the last week, and we deserve it. The criticism is fair and we accept it,” the firm wrote.