Self-proclaimed ‘crypto king’ Fred Schebesta admits he lost “quite a lot of money” in the Luna/Terra collapse, despite saying at the time that he had sold out.
Fred Schebesta lost money in the Terra/Luna crypto collapse, despite saying he hadn’t.However over the weekend he posted an Instagram video confirming he had taken a sizable hit in the collapse.
Mr Schebesta had previously touted Terra as a “beast to be reckoned with” and among his top investment picks, so when Terra/Luna collapsed, Mr Schebesta was asked by theMr Schebesta said he had sold his Terra/Luna holdings some time between announcing his support for the coin and the big sell-off, but that he couldn’t remember when.on Monday about his Terra/Luna losses, Mr Schebesta confirmed he had lost $20,000 of his personal money at the time, but denied any Finder products were exposed.
Finder does not say how it generates the returns for retail investors on its Earn product, other than to say it buys TrueAUD, another stablecoin, which is loaned back to the Finder Earn’s parent company Finder Wallet. There has been explosion of interest in DeFi, or decentralised finance, where investors are often paid high-interest rates to “lock up” their capital in various systems that mimic banking functions.
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