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Here is the story of someone who lost all his family savings to UST

Here is the story of someone who lost all his family savings to UST

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Answer Here is the story of someone who lost all his family savings to UST

The failure of the Terra crypto project had dire consequences for many investors around the world.

One such investor is a Ukrainian national named “Yuri Popovich” who invested nearly $10,000 (all his family’s savings) in UST and subsequently lost almost everything.

The UST crash and its impact on investors:

Cryptocurrencies and stablecoins can be used as an investment tool in times of financial turmoil and negative events (such as the Russo-Ukrainian war).

Investing in crypto seems better than buying property in a war zone.

Relying on this assumption, Kyiv resident Yuri Popovich invested all his family money (nearly $10,000) in UST (a stablecoin that, in theory, appears to be a less risky option than most volatile cryptocurrencies as it was meant to be pegged). 1:1 in US dollars).

Read:After the split … more than 30% of Bitcoin miners withdrew

Tell Yuri Popovich:

I am not a speculator.

I just wanted to save money.

But the unexpected happened.

At the beginning of May, the digital stablecoin UST lost its correlation with the dollar, swinging to reach only $0.06.

Popovich revealed that due to this crash and decline in the value of UST, his investment has shrunk to $500.

The heavy loss also caused serious health problems for the man. He stated:

I stopped sleeping normally, lost 4 kilos, and often suffer from headaches and anxiety.

My wife still knows nothing of this loss.

I don’t know how to tell her.

Popovich pointed out that the current living conditions in Ukraine are very difficult.

He added:

The collapse of UST and the amount you lost will make our lives much more difficult.

This is a huge amount for us, and in the current situation, it is very important for life.

I fear for my wife’s health, my health and our relationship.

Read:Russian law legalizes cryptocurrency mining under an experimental legal regime

I don’t even know how the situation will turn out.

Other investors hurt by the LUNA/UST collapse:

As we previously discussed in Bitcoin Arabs, an unknown person rang the doorbell of the house of “Do Kwon” (CEO of Terraform Labs).

It is alleged that the person was looking for the CEO, but at the time, only his wife was in the house.

According to other coverage, the unknown was a Terra (LUNA) investor who lost $2.3 million due to a bloodbath in the market.

Read:BitMEX founder reveals his short-term price predictions for Ethereum

He explained to Korean legal bodies that many investors committed suicide due to the catastrophic losses and demanded that Do Kwon be held accountable for those deaths.

Another person who lost millions due to his investment in LUNA is the famous British YouTuber and rapper “JJ Olatunji”, better known as KSI.

The latter revealed that he distributed about $2.8 million of his fortune in Terra coins, while his investment is now worth less than $500.

Read also:

The founder of Ethereum reveals the success of algorithmic stablecoins and explains the reason for the collapse of UST

Thailand reveals that it is not in a hurry to launch its central bank digital currency CBDC


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