Many investors around the world have suffered terrible consequences from Terra’s collapse. One of these was Yuri Popovich, a Ukrainian citizen who had invested around $10,000 (all his family savings), into the stablecoin UST. He then lost nearly everything.
UST and a Ukrainian Family
Stablecoins and cryptocurrencies can be used as investment tools in times of financial turmoil and other negative events, such as the Russian invasion Ukraine. It seems like an easier way to invest wealth than buying property in a war-ravaged area.
Yuri Popovich, a Kyiv resident, made this assumption and invested almost $10,000 of his family’s money into UST. UST is a stablecoin which, while it seemed less risky than other volatile cryptocurrencies, was meant to be pegged 1:1 with US dollars.
The man stated, “I’m not speculator. I just wanted to save money.”
The asset’s peg against the US currency was lost at the beginning the month. It currently stands at $0.06. Popovich said that his $500 investment was destroyed by the crash. Popovich suffered severe health issues as a result of the devastating loss.
“I have trouble sleeping and lost 4kg. I also suffer from anxiety and headaches. My wife is still not aware of this loss. “I don’t know what to say.”
Popovich pointed out that current living conditions in Ukraine are very difficult. Nevertheless, Popovich noted that the family’s lives would be even more difficult if UST crashed and they were forced to part with a “colossal amount”.
“This is a huge amount for us and it is critical for our lives in this current situation. My wife’s and my health as well as our relationship are at risk. It’s not clear how it will end.
Other Investors are also affected by the LUNA/UST collapse
CryptoPotato reported earlier this month that an unknown individual called Do Kwon’s doorbell (the CEO of Terraform Labs). Although the person was apparently looking for the executive at Terraform Labs, his wife was present at the door.
Another report claims that the intruder was a Terra investor (LUNA), who lost $2.3million due to market violence. Kwon was asked to explain to the Korean law enforcement officers that many investors had died from the market turmoil.
JJ Olatunji (known as KSI) is another person who lost millions because of his LUNA investments. He was also a passionate advocate of bitcoin and revealed that he had invested $2.8 million in Terra’s native token. His investment now stands at less than $500.
Marla Brooks – Financial Analysis
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