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Recently leaked beach photos show that along with the botched Terra (LUNA) project, Mike Novogratz, CEO of Galaxy Digital, has at least a dozen other failed cryptocurrency tattoos all over his body. CTC reports that Bitconnect, the embattled Celsius Network and less well-known tokens such as BabyDogeDiamond and BologneseToken were among his recently found tattoos.
On January 5, Novogratz first proudly displayed his LUNA-inspired tattoo to his Twitter followers as a passionate declaration of his support for the now-defunct Terra ecosystem.
Following the UST depegging event in May, Mike Novogratz, who had undoubtedly been humbled by Terra's implosion, told his followers that his LUNA tattoo would serve as "a constant reminder that venture investing requires humility."
Responding to the leaked beach photos, an official statement released by his attorney stated, "Mr. Novogratz is a supporter of cryptocurrency projects in general. He has no liability for any shitcoin projects painted on his person."
Celsius implosion
The Celsius platform announced last month that it was pausing withdrawals, citing "extreme market conditions."
"Look at Celsius for example, no one knew how much leverage they had," says @novogratz on #crypto's crash. "I think when all is said and done there will be accusations and prosecutions for fraud. There will be gross misconduct in some of these cases." pic.twitter.com/U5KpG6NhmK
— Squawk Box (@SquawkCNBC) July 7, 2022
Mike Novogratz cited the Celsius project as well as Terra when drawing parallels between crypto and Long Term Capital Management, a highly leveraged hedge fund that blew up in the late 1990s.
"That's causing a lot of damage around the system. That's causing deleveraging that's accelerated," CNBC quoted Novogratz in the wake of Celsius pausing its withdrawals last month.
According to reports, Celsius paid Maker (MKR) protocol a significant portion of its outstanding debt in Dai (DAI), worth $142.8 million in July, indicating that the platform is making every effort to avoid a total collapse in the face of valid insolvency rumors.
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