Mike Novogratz is an American investor. He states that the recent crypto mess is because of “a bunch of idiots.”
The current condition in cryptocurrency is due to crypto fools

He pointed out three recent majors in his statement. According to that, these were the doom of Terra and LUNA, the huge losses of Celsius and Voyager and the mess of 3AC (Three Arrows Capital).

Mike Novogratz is the CEO of Galaxy Digital company. In his recent interview, he said that the doom of LUNA and Terra were ‘very transparent” and “started a chain of events”. It then became the reason for the fall of other well-performing coins.

The “Lunatic” Mike

He shared a picture of himself when he tattooed “Lunatic.” Have a look at his Twitter account.

I’m officially a Lunatic!!! Thanks @stablekwon And thank you my friends at Smith Street Tattoos. pic.twitter.com/2wfc00loDs
— Mike Novogratz (@novogratz) January 5, 2022

In 2020 Galaxy Digital invested in Do Kwon’s blockchain, on the Terra network. From the Twitter account of Novogratz, he shared an image of his tattoo of LUNA. There, he mentioned himself as a “Lunatic.”

Here, the term “Lunatic” represents the fans of LUNA coins. And getting a tattoo speaks about his love and affection with the LUNA coins. LUNA is the native cryptocurrency working on the Terra network.

Before getting his LUNA tattoo, he said in a letter in May that his tattoo would become a continual reminder of the incident investing modesty. But now, most investors must have seen Terra’s collapse.

Furthermore, he added that the investors have a very low rate of risk management. If this doom of LUNA and UST made them revise their management, it would benefit them.

Many of the leading crypto firms became bankrupt because of the mismanagement of their risk. These companies even suffer from the over-leverage, pointing out one of the leading crypto firms, Celsius.

He added that these firms are working on the strategy of “greed and ignorance.” The court stated that the other crypto firm 3AC owed a staggering $3.5 billion to creditors. That may lead to the downtown in the crypto sector.

Conclusion

Being an active investor and an open supporter of cryptocurrency, Novogratz made his concern about the risks of the crypto investors. Not any individual is making an unclear judgement of the crypto market. But there are also the leading firms that still have to focus on their strategies to get better results.

Source: https://www.thecoinrepublic.com/2022/07/20/crypto-industry-looks-like-a-bunch-of-idiots-novogratz/