Terra (LUNA)’s collapse had dire consequences for many investors around the world. UST, the stablecoin of the Terra ecosystem, has plunged a Ukrainian family into misery. A Taiwanese person committed suicide after the depreciation of the coin.
Ukrainian family suffered great loss due to LUNA
Cryptocurrencies and stablecoins during periods of financial turmoil and adverse events (such as the Russian invasion of Ukraine) Can be used as an investment tool. In any case, allocating some wealth to this asset class seems like a better move than buying it in a war-ravaged region. Based on this assumption, Yuri Popovich, now living in Kiev, Ukraine, invested his entire family savings (about $10,000) in UST. At first glance, UST looked like a less risky stablecoin than most volatile cryptocurrencies, as it was said to be pegged 1:1 to the US dollar.
However, as we also reported Kryptokoin.com at the beginning of the month, the UST lost its constant value and is currently only $0. It’s hovering at 02 dollars. Popovich explained that his investment is currently down to just $500 due to the failure of the project. The terrible damage caused the health of family members to seriously worsen. Popovich said that the current living conditions in Ukraine are extremely harsh. “I lost my sleep, lost 4 kilos. I have frequent headaches and worries. My wife is still unaware of this loss. I don’t know how to tell him,” he said, adding:
This is a lot of money for us and it is extremely important to live in the current situation. I’m worried about my health, my wife, and our relationship. I don’t even know how this will end.
Two people from Turkey and Taiwan committed suicide
A 29-year-old individual jumped from a building in Taichung City on the morning of May 24. Upon receiving the news, the police did the initial verification and stated that they believed the loss he suffered from investing was the cause of the suicide. Wu Nan lived alone in Taichung. According to officials who checked Nan’s phone, he had recently complained to family and friends about his failure to invest in LUNA.
Also in Istanbul, 23-year-old Eyüp Çobanoğlu invested the money of his house, which he sold for 600,000 lira, in crypto money. With the last crash, it almost zeroed investment. He got depressed and committed suicide. Çobanoğlu, 23, who works as a real estate agent in Esenyurt, entered the crypto money market with the money of the house. But after nearly zeroing his money, he committed suicide with his gun.
