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.
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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
Slow Mist founder exposes TON phishing messages, which users tricked into believing they receive cheap…
Sui's zkLogin introduces multi-signature recovery and Apple account support, enhancing user options and account recovery…
BlockFi shut down will take place at the end of May, and Coinbase will be…
Pantera Capital TON investment validates Telegram founder Pavel Durov's principles, potentially boosting TON's adoption and…
Subsidiaries Grayscale, Foundry, and Luno contribute to DCG first quarter revenue growth, despite challenges such…
The Binance financial penalty comes amidst a series of legal challenges for Binance, including a…
This website uses cookies.