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A Man Lost 2.8 million$ on Terra in One Day

British rapper JJ Olatunji shared a post on Thursday morning that the money worth $2.8 million invested by Do Kwon’s cratered cryptocurrency

Techestudio Editors 5 months ago 0 86

One of LUNA’s crypto holders is bringing this to the attention that he had lost $2.8 million. British rapper JJ Olatunji shared a post on Thursday morning that the money worth $2.8 million invested into Do Kwon’s cratered cryptocurrency, Terra (LUNA), had descended to a new valuation of less than $1,000 in a day.

What is LUNA?

Luna traditionally originated from a South Korean-based cryptocurrency whose value is tied to a stable coin called Terra. Terra is supposed to link to the United States dollar. A mechanism was supposed to work so that people could trade one for the other if one of the two went under that price.

If Terra traded for less than $1, people could exchange it for $1 worth of Luna. If Terra traded for more than $1, people could buy $1 of Luna and then exchange it for more than a dollar of Terra.

Before everything went down last weekend, UST was one of the world’s largest and most stable coins by market value. Its sister token, LUNA, used to keep UST’s 1-1 peg to the dollar, was also one of the giant cryptocurrencies. The unraveling of the failure of UST and LUNA sent shock waves through crypto, as Terra, once a crypto darling, grew so big and was connected to the rest of the crypto world.

People’s Review About the Current Situation of LUNA:

It is not the first time people are losing their life-saving in crypto. At the same time, many had attempted suicide and couldn’t survive the loss. People said that they are going with severe gambling addiction due to this.

One poster wrote that Luna’s time is finished.

“It’s now the time to pull the plug, which represents selling your remaining capital and letting go so you can grieve your loss and move on with life,”

“Don’t be stupid to buy Luna right now. I’m WARNING you TAKE YOUR MONEY OUT AND RUN,” they wrote. “Ladies and Gentlemen…I know this is probably heartbreaking for many of You, but this project is Dead; it’s gone, it’s deceased.”

 

 

Current Update:

Now the news revolves around that crypto.com announcing that they are suspended the LUNA trading. OKX, one of the largest crypto exchanges, is terminating all trading of UST, LUNA, and two other tokens on the blockchain, Anchor and Mirror.

Luna and Terra are the latest reason crypto prices have fallen sharply this month. Rising interest rates and volatile equity markets have also increased investor concerns about the broader U.S. economy and stimulated some to dump their digital currencies.

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