16 May 2022
The price of the cryptocurrency Terra (LUNA) has fallen by more than 99%, erasing investor wealth. Terra was previously listed as one of the 10 most valuable cryptocurrencies in the world, but on Wednesday it fell below $1 (14,000 rupiah) in an instant (and is now falling even more).

The coin’s previous peak was around $120 (1.7 million rupiah). In fact, this drop happened in just 24 hours, or about 98%. This was the biggest loss for a cryptocurrency investor, after a market of $40 billion to just $500 million.

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Source: The Times of Journalists

One member of the r/TerraLuna sub-Reddit wrote: “I lost my life savings. I bought Luna for $85 and don’t know what to do.”

“I lost over $450,000 and I can’t pay it back to the bank,” wrote one user on the Terra forum. “I am about to lose my house. I will be homeless. Suicide is my only way out. “

The forum has more than 44,000 members, and its moderators pin posts with a helpline number at the top of the page.

It was previously rumored that a tweet on Twitter had confirmed eight suicides. However, the news site Reporter Times confirmed whether the news was a hoax, as there was no news basis for it.

Source: The Times of Journalists

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