Cryptocurrency
Crypto Investor Loses ‘Life Savings’ After Digital Coin Collapses By 98% Overnight
“I guess no house and savings then.”
Terra (LUNA) has caused many losses as users wailed over how the digital coin’s value dropped by 98% overnight.
Investors believed in the cryptocurrency that reached $119 in April and just as many had done investing in one of the top 10 most valuable cryptocurrencies, the value dropped to $76 by the end of the month. It went back up to $99 for a short time.
Thousands may have lost their fortune because, by this week, the coin’s worth dropped to below $1, following the trend of the crashing crypto market.
One user in the TerraLuna subreddit wailed, “I lost all my life savings. Had bought Luna at $85, not sure what to do.”
Another who’d dumped as much as $15,000 into the cryptocurrency shared, “I should’ve cashed out when it was $100, then I would have been up $25,000. But I got greedy hoping to get more money so I can at least afford a downpayment for a house for my family. I guess no house and savings then.”
It appears that many had gone as far as getting loans and putting their house as a downpayment when Terra started to gain traction. Helpline numbers have been pinned after many shared fear of going homeless and the inability to pay back their loan.
“Can’t sell, can’t buy, I can just watch it burn. This is insane. What the actual f**k,” wrote another, after Binance suspended withdrawals on the network.
Do Kwon, Terraform Labs founder and master of TerraLuna has addressed the situation on Twitter. He wrote, “I understand the last 72 hours have been extremely tough on all of you – know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.”
“Together,” he emphasized. “As we begin to rebuild UST, we will adjust its mechanism to be collateralized.”
“The Terra ecosystem is one of the most vibrant in the crypto industry, with hundreds of passionate teams building category-defining applications within. As long as these builders, TFL among them, continue to build – we will come out of this together.”
“Terra’s focus has always oriented itself around a long-term time horizon, and another setback this May, similar to last year, will not deter the #LUNAtics. Short-term stumbles do not define what you can accomplish. It’s how you respond that matters.”
“Terra’s return to form will be a sight to behold. We’re here to stay. And we’re gonna keep making noise,” the thread ended with hope.
The crash became an opportunity for others who “had to take it” and stacked, however, it hasn’t been going well so far.
It is currently trading at below $0.001.
Several have shared wise words to help others cope with the losses they are experiencing.
2) STOP DWELLING, GET SPECIFIC: everyone makes mistakes, has blindspots, gets too arrogant, etc.
You’re not a moron, you just didn’t manage risk
Chances are you got here because you knew you should’ve taken gains, rotated out, etc. but were bull market drunk
Or…— Anish K. Mitra (@anishkmitra) May 11, 2022
