Ukrainian man lost $10 000 because of Terra and Luna crash. It was basically all he had got. His wife still doesn’t know about what happened.
As UST/LUNA collapse saga gains momentum, more and more people tell their bankrupting stories.
At the time of writing UST stablecoin value is around $0,08, and the LUNA price is $0.0001. That means tens of billions of lost dollars would unlikely return to the investors.
Popular economists are already claiming that Terra is one of the biggest crypto scams in history. And the platform’s founder Do Kwon is likely to testify about his actions to the South Korean government.
Despite Kwon’s plan to save Terra with a new fork, very few people seem to trust this platform anymore.
Instead, more and more former LUNA/UST investors are telling their sad stories.
Luckless Ukrainian couldn’t predict Terra and LUNA crash
Recently the Guardian brought a story about Ukrainian capital Kyiv citizen Yuri Popovich who lost all his life savings because of the mid-May crypto collapse.
The most tragic thing here is that Popovich wanted to avoid any risky investment, so he just put his money in UST stablecoin.
The Ukrainian government banned all USD exchange operations inside the country right after the Russian invasion in February. So a lot of people tried to convert their money into stablecoins.
Some of them just chose not the right platform for it. “It was impossible and unsafe to store funds in the form of banknotes. Cryptocurrencies advertised as safe and backed with fiat currency,” Popovich said.
In total, he lost almost $10 000. You can buy an apartment in Ukraine for that money. Not in Kyiv, of course, but in some provincial towns for sure. Popovich underlined that he is not a speculator, and he just wanted to save money. So any advice about the right investments is unrelatable here.
The Ukrainian also said that he lost 4 kilos, and he can’t sleep normally because of headaches and anxiety. His wife still doesn’t know about this loss. Now his savings account for something like $500.
“This is a colossal amount for us, and in the current situation, it is critically important for life. I fear for my wife’s health, my health, and our relationship. I don’t even know how it will end,” he said.
Unfortunately, $10 000 isn’t the biggest Terra and LUNA crash loss during the last two weeks.
According to the different crypto communities on Reddit, some holders also lost all their savings from $5000 to $400 000. They invested the money in the LUNA token that collapsed from $85+ to like a few cents in a couple of days.
Some investors even posted on Reddit that those who had lost everything were suicidal.
“My friend and ex-colleague (my manager for 15 years) tried to commit suicide this morning. He basically moved all of his savings to crypto in 2021 and LUNA was a massive player in his portfolio,” the Redditor wrote.
The user advises not to overestimate the value of money and come to people who love you.
In a related report, according to a post on the most recent tweeter of @EmperorBTC Reports, 22 investors committed suicide after the price of LUNA plummeted close to zero.
LUNA admins posted suicide control hotline numbers on the subreddit, where investors published their losing money stories.
Sources: The Guardian, Reddit