‘I lost my life savings’: Terra Luna cryptocurrency collapses 98% overnight
The Independent says the price of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent, wiping out the fortunes of crypto investors.
Terra, which ranked among the top 10 most valuable cryptocurrencies, dropped below $1 on Wednesday, having peaked close to $120 last month.
The majority of the losses were realised overnight, with a 98 per cent price fall in the space of just 24 hours.
The dramatic crash meant its market cap dropped from above $40 billion to just $500 million, resulting in unprecedented losses for investors in a leading cryptocurrency.
“I lost all my life savings,” one member of the r/TerraLuna sub-Reddit wrote. “Had bought Luna at $85, not sure what to do.”
Another wrote that they had lost $15,000 after failing to sell their holdings for a substantial profit when it was trading above $100 last month.
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