Skip to main content

This is how the Terra crash destroyed the lives of small investors

 


The Terra crash is primarily perceived as a disaster for the crypto market. Some speak of a failed experiment, others of a scam. Over $38 billion was wiped out in a week. But according to the BBC, around 250,000 people have invested in Terra, many of them in South Korea - and large sums. The crash is therefore also a human tragedy.


Its dimensions are slowly becoming visible. More and more people are sharing their fate in media reports and social media. Her life was turned upside down in one fell swoop. Families break up, victims become depressed and contemplate suicide. Some join forces for a class action lawsuit against Do Kwon , the founder of Terra. The South Korean authorities are also planning steps against him .


"I felt like I was dying"

According to LKB & Partners, many cheated crypto investors are in debt as a result of the crash. The law firm is conducting a class action lawsuit against Terra involving over 1,700 people. "Most of the investors were in their 30s and 40s and lost their retirement savings," said Kim Hyun-kwon , an attorney for the firm.


A South Korean crypto streamer lost nearly $1 million , the BBC reports . He knocked on Do Kwon's door, wanted to confront him - and was taken away by the police. "I felt like I was dying," he says of the crash moment. You can find out all the background information about the Terra (LUNA) crash here .


"It was my whole family's money, saved up for years"

“I am a single mother of two from Ukraine. The money was my safety net," one woman wrote in a statement to the Terra Research Forum, a Terra analytics platform. Over 100 victims of the crash reported there. They all had invested their fortunes in Terra's popular DeFi platform, Anchor. She promised 20 percent interest - and the greatest possible security.


“Our own currency is unstable because of the war. I just wanted to save money,” says the Ukrainian. "It was my whole family's, saved up for years." Now she is afraid that she will no longer be able to take care of her children. "I'm ashamed that this happened to me."


On average, it took victims three years to accumulate their invested assets, according to statistics from the Terra Research Forum, shared by a member named FatMan. They lost it within a week. Almost half of the victims who have come forward struggle with suicidal thoughts. On Reddit, the Suicide Hotline was temporarily at the top of the Terra forum.


A few days before the crash, Terra founder Do Kwon tweeted, "I love chaos."

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more