‘I Lost My Life Savings’: Terra Luna Cryptocurrency Collapses 100% Below 0.15$
The price of cryptocurrency Terra (LUNA) has dropped by more than 99% and many investors have lost a whole lot of money.
The digital coin, which was ranked in the top 10 most valuable cryptocurrencies, peaked at $119 (AU$171) in April, before seeing a steady decline throughout the backend of the month down to $76 (AU$109).
Investors must have believed they were out of the frying pan when the coin recovered in late April and climbed back up to $99 (AU$144).
But as they say, out of the frying pan and into the fire.
This week saw a mass crash of the crypto market, and it seems LUNA took the hardest hit, dropping to less than $1 in value.
The dramatic drop saw the cryptocurrency lose 97.4 per cent of its value in the space of just 24 hours with its market cap going from above $40 billion (AU$40b) to just $500 million (AU$720m).
It is perhaps the most unprecedented loss from any leading cryptocurrency in quite a few years.
As you can imagine, crypto traders are understandably not taking the loss well.
Members of r/TerraLuna took to the subreddit with some pretty harrowing stories:
One member wrote: “I’ve lost all my life savings. Had bought Luna at $85, not sure what to do.”
Another user wrote: “This seems unreal I can’t believe this is happening, I basically lost 60k overnight with what could have been considered a risk-off asset 3 days and I can’t do anything about it.
“Can’t sell, can’t buy, I can just watch it burn. This is insane. What the actual f**k.”
Leading crypto exchange Binance had temporarily suspended withdrawals on Terra (LUNA) at one point during the crash.
The subreddit pinned a thread containing National helpline numbers to the top of their thread after some pretty upsetting recounts from its users.
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