CoinShares CEO Declares the Company Lost $21M Due to UST's Depeg, States it Was a Humbling Lesson
![](https://en.ethereumworldnews.com/wp-content/uploads/2022/03/B6BD294B-AE0A-4844-940F-8CB9AD66C2E9-50x50.jpeg"></p><p>Summary:</p><ul><li>CoinShares has released its 2021 Financial Annual Report.</li><li>In the report, CoinShares CEO has stated that the company suffered a £17 million ($21.45 million) loss from its DeFi activities related to UST.</li><li>CoinShares CEO has defined the loss as a humbling lesson for himself and the team.</li><li>He also added that the events will be a ‘battle scar’ that he will personally never forget.</li></ul><div class=)
The digital asset investment firm of CoinShares has released its 2021 Annual Report, in which the company’s CEO, Jean-Marie Mognetti, declared that the company underwent a £17 million ($21.45 million) loss from its DeFi activities related to UST.
CoinShares CEO Did Not Want to Wait Till the End of Q2 to Declare the Loss
Mr. Mognetti further explained that he did not wish to wait till the end of Q2 to provide an update on the Terra (LUNA) implosion to the company’s shareholders. He said:
Finally, and in the spirit of transparency with our shareholders, I am not willing to wait until the end of Q2 and our earnings call in early August to provide an update about the impact of the Terra Luna implosion on CoinShares.
CoinShares Capital Markets is active in the DeFi space and, at the time of the Luna collapse was running a book, which carried exposure to UST, the Terra Stable Coin. Following the events of the last few weeks, we have booked an exceptional loss from our DeFi activities of £17m on liquidating our holding in UST.
The Loss Was a Humbling Lesson – CoinShares CEO
CoinShares CEO further explained that the loss due to the events surrounding UST’s depeg was a humbling lesson for both himself and the team. He described the volatile events surrounding UST losing its peg and the subsequent loss by CoinShares will be ‘a battle scar’ that he will never forget.
He, however, was optimistic about the company moving forward. He said:
I have always believed that success needs to be cultivated, otherwise it can be a fleeting and ephemeral state.
This event is a battle scar that I will personally never forget. I, with the entire team, will continue to build upon our mission to provide the premier investment technology for the digital asset sector. 2022 will be a year of continued change for CoinShares.
Our transformation into a product-centric organisation with a customer-centric culture will be my priority.
[Feature image courtesy of CoinShares.com]
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