New Delhi: The popular cryptocurrency Terra (Luna) has seen its valuation drop dramatically in a matter of hours, from over $400 billion to over $500 million, causing investors to lose their life savings in just one stroke. The crash of Terra (Luna), once ranked among the top 10 most valuable cryptocurrencies, has wreaked havoc on the crypto industry, with many investors now living in fear of homelessness following the tragic devastation.
Terra (Luna) hit an all-time high of around $120 last month. But with the recent crash, the price of the cryptocurrency has fallen below $1, which can be seen as the first drop among the top crypto coins.
“I lost all my life savings. Bought Luna for $85, not sure what to do,” a Terra investor said on the Reddit community forum. This is the story of just one investor. The sudden collapse of Terra (Luna) has caused many other investors to lose thousands of dollars.
For example, another investor, who was trying to sell a crypto coin when it exceeded $100 last month, lost $15,000 in catastrophe. The user posted, “I got tempted hoping to get more money so that I can at least make a downpayment for a house for my family. I guess no house and savings.”
Many other investors are sharing their unfortunate stories on social media platforms, most notably Reddit, where there is a dedicated community discussing investing in Terra (Luna).
On the Reddit forum, another user pointed to a loss of over $450,000. “I can’t pay the bank.” Another user quoted an IANS report as saying, “I will soon lose my house. I will be homeless.”
In the meantime, crypto platforms have started taking steps in response to Luna’s downfall. For example, the world’s largest crypto exchange, Binance, has temporarily suspended withdrawals on Terra.
Why did Terra Luna crash?
Terra Luna’s crash began when the cryptocurrency’s algorithmic-based stablecoin TeraUSD, which pegs itself against the dollar, began to fall. A fall in TeraUSD could result in a massive selloff of Terra Luna, which ultimately resulted in a price crash. Read also: Retail inflation hits 8-year high of 7.79% in April
Do Kwon, the founder of TerraForm Labs, the creator of Terra, said he understands that the past 72 hours have been extremely difficult for investors. He said in a tweet, “…Know that I am determined to work with all of you to deal with this crisis and we will find a way out.” Read also: Industrial production up 1.9% in March, 11.3% in 2021-22
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