Neil Somani, 24, quit his job as a quantitative researcher at hedge fund Citadel in February. project It connected Luna’s underlying blockchain to another cryptosystem, Ethereum.
Mr. Somani joined the company in April. Terra Hacker HouseA one-month program in a Chicago office sponsored by Terraform Labs and its investors, designed to incubate projects built on Kwon’s technology. Within a few weeks, Somani put $ 10 million in a venture funding commitment to value his project, Terra Nova, for $ 65 million. He said he was on the verge of hiring three employees and 40 customers were excited about the idea.
After the fall of Luna and TerraUSD, Somani and his fellow hackers initially thought that Kwon and his partner could turn things around. But by last Tuesday, Mr. Somani realized it was over and was relieved that he hadn’t accepted the money yet. He lost about $ 20,000 in Luna, he said, which didn’t bother him because he made money on other dangerous stocks and crypto bets.
Last week, the hackerhouse desk was empty. A Telegram group called Rebuilding Terra, with nearly 200 members, is actively discussing projects and how to recover funds.
Somani is optimistic. “For us as cryptocurrency builders, the spirit of famine and famine really happens naturally, and it’s probably what attracted us to the community,” he said.
On Thursday, he plans to market his now outdated technology on Hacker House Demo Day. He said he expects less competition for the $ 50,000 first prize as most other groups have left the program.