Image credit-TwitterThe devastating fall of Terra (Luna), formerly one of the top ten most valuable cryptocurrencies, has wreaked havoc on the lives of investors who fear becoming homeless as a result of the crypto upheaval. Its market valuation has collapsed from almost $40 billion to barely $500 million in the previous 24 hours, a drop of more than 99 per cent that has left investors with nowhere to go. Terra used to be one of the top ten most valued cryptocurrencies.
According to the Independent, it has plunged below $1 after peaking above $120 last month. “I lost all my life savings. Had bought Luna at $85, not sure what to do, “On the Reddit community forum, a Terra investor commented. Another investor lost $15,000 after failing to sell it last month when it was selling above $100.” 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 user commented. “I lost almost $450,000, I can’t pay the bank,” one Reddit member said, while another stated, “I lost over $450,000, I cannot pay the bank, a while another said: “I will lose my home soon. I’ll become homeless. “Terra withdrawals have been momentarily halted by the cryptocurrency exchange Binance.”I realize the previous 72 hours have been tremendously difficult for all of you – know that I am committed to working with every one of you to weather this crisis, and we will build our way out of this,”
Terraform Labs founder Do Kwon tweeted. “prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA” Terra stated. Terra has embraced UST as a stablecoin linked to an underlying asset such as gold or the US dollar.
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