To our shareholders, friends, partners, and the crypto community, I have spent the past week reflecting on the economy and macro markets, our industry, and Galaxy’s place in it. There is no good news in what happened in markets or to the Terra ecosystem. In Luna and UST alone, $40bn of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and DeFi. Whenever money is lost in such an abrupt fashion, people want answers. I am going to try to add some insights to the ongoing discussion. First, what is important to ... (full story)