A Ukrainian Invested $10,500 Of His Life Financial savings in LUNA, and Then the Token Crashed
A couple of months in the past, Russia invaded Ukraine. Yuri Popovich, a resident of Kyiv, Ukraine’s capital, wished to guard his $10,500 life financial savings towards a foreign money collapse or different war-related dangers.
Popovich reasoned that for the reason that cryptocurrency market seemed to be on an upward path, he ought to switch his financial savings into these digital tokens to protect their value.
Then he determined to spend money on the Terra ecosystem’s LUNA.
Terra’s stablecoin UST, sadly, misplaced its peg to the US greenback earlier this month, and its value fell. Inside a number of weeks of Popovich placing his life financial savings into LUNA, the token went right into a speedy decline. A LUNA token is now value about $0.00017 because of the collapse.
The autumn of LUNA wiped away most of Popovich’s financial savings, and his LUNA tokens are actually value lower than $500, in line with screenshots of Popovich’s checking account seen by The Guardian.
Popovich mentioned he stopped sleeping and dropped roughly 9 kilos, which he described as “colossal.” He informed The Guardian, “I typically have complications and nervousness.” “My spouse remains to be unaware of the loss. I’m unsure how I’m going to inform her.”
Hundreds of nonprofessional traders, referred to as retail traders, have been burnt by cryptocurrencies in latest weeks. The precipitous decline of Terra heightened considerations within the bigger cryptocurrency market, which was already reeling from growing rates of interest and tighter banking restrictions.
In response to CoinMarketCap knowledge, the worldwide cryptocurrency market worth has dropped by practically $500 billion since Terra started to break down in early Could.
Following Terra’s crash, quite a few Reddit customers shared the telephone numbers of suicide prevention hotlines all through the world.
“Right here I like to emphasise once more, don’t make investments cash you could survive/stay the following weeks/months/even a yr,” a consumer wrote. “Don’t spend money on the hopes of getting extra subsequent month. This can be a very risky market no person is aware of what’s gonna occur.”
Billionaires weren’t exempt from the collapse. Changpeng Zhao, the billionaire creator of Binance, the world’s largest crypto alternate, quipped final week that he was “poor once more” after the worth of Binance’s LUNA belongings plummeted from $1.6 billion to round $2,200.
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