Seoul: The sudden implosion of the TerraUSD and Luna cryptocurrencies frightened many young investors, with some claiming their whole holdings had been blown up or even leaving suicidal threats. The once-bullish TerraUSD and sister counterpart Luna have lost nearly all of their value as of Tuesday, sending shockwaves around the world. Today’s cryptocurrency exchange rates in India (19 May 2022).
According to CoinMarketCap data, TerraUSD, often known as “stablecoin,” and its digital coin counterpart, Luna, were trading in the ten cent range and approaching zero as of Tuesday, registering more than 99.99 percent drops from their highs and wiping out about US$38 billion of investor money in a week.
According to the Yonhap news agency, roughly 280,000 investors are reported to be holding about 70 billion Luna coins as of late. Many tech-savvy young investors who bet big on algorithmic cryptocurrencies, which are still considered experimental, were crushed by the unexpected implosion.
After losing over 40 million won ($31,510) in the cryptocurrency crash, a 28-year-old businessperson called Kim said his ambition of owning a home was shattered.
“I had intended to build a jeonse deposit (a key money deposit for a property lease) so that I could leave my parents’ home without their help. “Right now, I can hardly afford to pay my rent,” Kim was reported as adding. “I was hooked after seeing others around me turn millions of won into hundreds of millions of won and invest,” he added. “My investment swung to losses as soon as I started, and I’m now regretting my decision.”
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After losing over half of the 50 million won he borrowed for investment, a 30-year-old man called Yang became significantly indebted. Similar experiences of enormous financial losses were discussed on online forums, with some investors even implying suicide plots.
Terraform Labs CEO Do Kwon previously stated in a blog post that his company is working on ways to keep its Terra blockchain and ecosystem running despite the collapse of its currency. Investors, on the other hand, were suspicious, and some were considering legal action against Terraform Labs.