The terra fiasco has had dire consequences for many investors around the world. One of them was reportedly a Ukrainian citizen – Yuri Popovich – who had invested about $10,000 (all his family savings) in the stablecoin UST and lost almost everything.
UST and a Ukrainian family
Cryptocurrencies and stablecoins can be employed as an investment tool in times of financial turmoil and negative events (such as the Russian invasion of Ukraine). In any case, allocating some money to an asset class seems like a better move than, for example, buying property in a war-ravaged area.
Relying on that assumption, a Kyiv resident – Yuri Popovich – invested all of his family’s money (about $10,000) in UST (a stablecoin that, on paper, offered a less risky option than most volatile cryptocurrencies). sounded like it should have been pegged. :1 with US dollars).
“I am not a speculator; I just wanted to save money,” said the man.
Nonetheless, at the start of the month, the asset lost its peg against the US national currency and is currently hovering at just $0.06. Popovich revealed that because of the accident, his investment melted down to $500.
The devastating loss also caused serious health problems to the man:
“I stopped sleeping normally, lost 4 kg; I often have headaches and nervousness. My wife is still not aware of this loss. I don’t know how to tell him.”
Popovich said that the current living conditions in Ukraine are extremely difficult. Simultaneously, UST’s mishap and the constant “huge amount” with which the family parted ways will make their lives even more challenging:
“This is a huge amount for us, and in the current situation, it is critically important to life. I fear for my wife’s health, my health and my relationship. I don’t even know how it will end.”
Other investors affected by the collapse of LUNA/UST
as cryptopotato As revealed earlier this month, an unidentified man rang the doorbell of Do Kwon’s (CEO of Terraform Labs) home. The man was reportedly looking for the executive, but only his wife was there at the time.
According to another coverage, the intruder was a Terra (LUNA) investor who lost $2.3 million due to the market bloodbath. He explained to Korean law enforcement agents that several investors had committed suicide due to the catastrophic losses and demanded that Kwon be held accountable for those deaths.
Another person who lost millions due to his LUNA investment is the popular British YouTuber and rapper JJ Olatunji, better known as KSI. The latter, also a keen proponent of bitcoin, revealed that he had distributed around $2.8 million of his assets in the native token of Tera, while his investment is now less than $500.
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