Some people’s ‘life savings’ have evaporated overnight as a major cryptocurrency collapsed 98%.
The price of popular cryptocurrency Terra (LUNA) has fallen by over 99%, wiping out many investors.
Terra dropped below $1 on Wednesday after having peaked to almost $120 just last month. The popular cryptocurrency ranked in the top ten most valuable.
Credit: CoinMarketCap
Most of the losses were realized overnight, a staggering price drop of 98 per cent in a short space of just 24 hours. Many investors fear homelessness after the major blow.
The sudden crash meant its market cap dropped from over $40 billion to $500 million leading to never-before-seen losses for investors in such a leading cryptocurrency.
One investor wrote on the r/TerraLuna sub-Reddit:
“I lost all my life savings,”
“Had bought luna at $85 now sure what to do.”
Another person commented that they had lost a staggering $15,000 after not selling their holdings for a profit when it was trading above $100 in April.
“I should’ve cashed out when it was $100, then I would have been up $25,000,”
“But I got greedy hoping to get more money so I can at least afford a downpayment for a house for my family. I guess no house and savings then.”
The forum, with more than 44,000 members, now has suicide helpline numbers pinned to the top of the page as people write that they will struggle to afford their bills and may become homeless.
If you need mental health assistance, please call National Suicide Prevention Helpline on 1-800-273-TALK (8255).
