The Terra fiasco has had terrible consequences for numerous investors around the globe. One of them was reportedly the Ukrainian citizen – Yuri Popovich – who invested approximately $10,000 (all his family savings) into the stablecoin UST and had lost almost everything.
UST and a Ukrainian Family
Cryptocurrencies and stablecoins could be employed as an investment tool in times of financial turbulence and negative events (such as the Russian invasion of Ukraine). In any case, allocating some wealth into the asset class sounds like a better step than, for example, buying a property in a region ravaged by war.
Relying on that assumption, the resident of Kyiv – Yuri Popovich – invested all his family money (nearly $10,000) into UST (a stablecoin that, on paper, sounded like a less risky choice than most volatile cryptocurrencies since it was supposed to be pegged 1:1 with the US dollar).
“I am not a speculator; I just wanted to save money,” the man said.
Nonetheless, at the beginning of the month, the asset lost its peg against America’s national currency and currently hovers at a mere $0.06. Popovich revealed that due to this crash, his investment melted to $500.
The devastating loss also caused severe health problems to the man:
“I stopped sleeping normally, lost 4kg; I often have headaches and anxiety. My wife still doesn’t know about this loss. I don’t know how to tell her.”
Popovich noted that the current living conditions in Ukraine are extremely tough. With that said, UST’s crash and the consecutive “colossal amount” which the family parted with would make their lives even more challenging:
“This is a colossal amount for us, and in the current situation, it is critically important for life. I fear for my wife’s health, my health, and our relationship. I don’t even know how it will end.”
Other Investors Harmed by the LUNA/UST Collapse
As CryptoPotato disclosed earlier this month, an unidentified individual rang the doorbell of Do Kwon’s house (the CEO at Terraform Labs). The person was allegedly looking for the executive, but at the time, only his wife was there.
According to another coverage, the intruder was a Terra (LUNA) investor who lost $2.3 million due to the market bloodbath. He explained to the Korean law enforcement agents that many investors had committed suicide because of the catastrophic losses and demanded that Kwon be held accountable for those deaths.
Another person who lost millions due to his LUNA investment is the popular British YouTuber and rapper JJ Olatunji, better known as KSI. The latter, also a keen proponent of bitcoin, revealed he had distributed about $2.8 million of his wealth into Terra’s native token, while his investment is now worth less than $500.