Renowned crypto influencer Ran Neuner has opened up about a devastating financial loss that saw him lose $134 million in just four days.
Neuner made the revelation during a recent episode of Raoul Pal’s show, The Journey Man. This candid revelation provides an insider look at the volatile world of crypto investments, especially for those who, like Neuner, were caught off guard by the dramatic collapse of Terra’s Luna.
From Contemplating Buying Private Jets to Financial Doom
Neuner, a well-known figure in the crypto community, described the events of 2022 as the most challenging of his life. He recounted how he had built substantial wealth in the cryptocurrency market, reaching a point where he felt “filthy rich.”
Neuner acknowledged he had more money than he knew what to do with. As a result, he contemplated luxury purchases such as private jets and holiday homes. However, his fortune took a dramatic turn when Luna, a project he believed in deeply, imploded.
At the peak of his success, Neuner had allocated over 50% of his portfolio to Luna and Luna-related projects. He admitted that he had “drunk the Kool-Aid,” fully believing in Luna’s potential to revolutionize the financial system.
This confidence led him to broadcast his support for Luna to his community for months, encouraging others to invest heavily alongside him.
However, when Luna collapsed, Neuner’s portfolio took a massive hit. “I lost $134 million,” Neuner confessed. He described the experience as the toughest of his life.
Notably, Neuner’s Luna holdings were staked, meaning he could not sell them even as the value plummeted. Moreover, he was unable to hedge against the fall by going short because of the extreme market volatility and prohibitive funding costs.
“Dead Inside”
The ripple effect of Luna’s collapse was felt across the entire crypto market, with Bitcoin dropping and altcoins following suit. Neuner’s remaining assets were also decimated, wiping out nearly everything he had built over five years. “It was dark,” he reflected, recounting the emotional toll the loss took on him and his family.
He described feeling “dead inside,” unable to fully engage with his wife and children as he grappled with the enormity of his financial ruin.
Greed and Overconfidence Caused It
When Raoul Pal asked Neuner why he took such risks despite already having significant wealth, Neuner attributed his actions to greed and an unwavering belief in Luna’s future.
He wanted not just to be wealthy but to become a billionaire, convinced that Luna was the path to achieving that goal.
He recounted a conversation with Scott Melker just weeks before Luna’s collapse, where Melker advised him to de-risk by moving his funds into Bitcoin. Neuner dismissed the advice, believing Luna to be a far superior investment.
While this incident took a toll on his mental health, Neuner stated that he has since fully recovered from the losses and the associated stress.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
