Crypto investor 'loses life savings' as the market crashes

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By Carina Murphy

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As the Crypto market plummets this week, investors have taken to Reddit to share their harrowing stories of financial loss.

Many are claiming to have lost their life savings amid a nightmare crash in which the price of some cryptocurrencies has dropped by over 99 percent.

One of the worst-hit digital coins is Terra (LUNA), which just last month was ranked in the top 10 most valuable cryptocurrencies in the world.

Investors first started getting cold feet in April, when it peaked a $119 before starting a steady decline down to $76. However, at the end of the month, LUNA looked like it might have recovered when its price climbed back up to $99.

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Credit: Tero Vesalainen / Alamy

But unfortunately, the recovery was only short-lived. This week, the entire crypto market crashed and LUNA took a near-fatal hit, with its value plummeting to less than $1.

The coin lost 97.4 percent of its value within a day, per Decrypt.co, and those investors who had staked their luck on it saw their savings wiped out in a matter of hours.

Unsurprisingly, the drop has been a huge hit for many traders both financially and psychologically. After many took to the r/TerraLuna subreddit forum to share their losses and express their utter despair, a national helpline number was pinned to the thread to try and stop people from taking drastic actions.

One member shared their distress, writing: "I’ve lost all my life savings. Had bought Luna at $85, not sure what to do."

"Someone please advise what should I do next," they added in desperation.

"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 ago," another wrote. "I can't do anything about it, can't sell, can't buy, I can just watch it burn. this is insane."

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Credit: Reddit
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Credit: Reddit

Amidst the panic, the founder of Terra creators Terraform Labs Do Kwon took to Twitter to try and calm the community.

"I understand the last 72 hours have been extremely tough for all of you - know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this. Together," he wrote

"The Terra ecosystem is one of the most vibrant in the crypto industry, with hundreds of passionate teams building category-defining applications within. As long as these builders, TFL among them, continue to build - we will come out of this together," he added.

Featured Image Credit: Simon Belcher / Alamy

Crypto investor 'loses life savings' as the market crashes

vt-author-image

By Carina Murphy

Article saved!Article saved!

As the Crypto market plummets this week, investors have taken to Reddit to share their harrowing stories of financial loss.

Many are claiming to have lost their life savings amid a nightmare crash in which the price of some cryptocurrencies has dropped by over 99 percent.

One of the worst-hit digital coins is Terra (LUNA), which just last month was ranked in the top 10 most valuable cryptocurrencies in the world.

Investors first started getting cold feet in April, when it peaked a $119 before starting a steady decline down to $76. However, at the end of the month, LUNA looked like it might have recovered when its price climbed back up to $99.

size-large wp-image-1263154341
Credit: Tero Vesalainen / Alamy

But unfortunately, the recovery was only short-lived. This week, the entire crypto market crashed and LUNA took a near-fatal hit, with its value plummeting to less than $1.

The coin lost 97.4 percent of its value within a day, per Decrypt.co, and those investors who had staked their luck on it saw their savings wiped out in a matter of hours.

Unsurprisingly, the drop has been a huge hit for many traders both financially and psychologically. After many took to the r/TerraLuna subreddit forum to share their losses and express their utter despair, a national helpline number was pinned to the thread to try and stop people from taking drastic actions.

One member shared their distress, writing: "I’ve lost all my life savings. Had bought Luna at $85, not sure what to do."

"Someone please advise what should I do next," they added in desperation.

"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 ago," another wrote. "I can't do anything about it, can't sell, can't buy, I can just watch it burn. this is insane."

wp-image-1263154313 size-full
Credit: Reddit
wp-image-1263154314
Credit: Reddit

Amidst the panic, the founder of Terra creators Terraform Labs Do Kwon took to Twitter to try and calm the community.

"I understand the last 72 hours have been extremely tough for all of you - know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this. Together," he wrote

"The Terra ecosystem is one of the most vibrant in the crypto industry, with hundreds of passionate teams building category-defining applications within. As long as these builders, TFL among them, continue to build - we will come out of this together," he added.

Featured Image Credit: Simon Belcher / Alamy