The price of cryptocurrency Terra (LUNA) has dropped by more than 99 percent and many investors have lost a whole lot of money.
The digital coin, which was ranked in the top 10 most valuable cryptocurrencies, peaked at $119 (£97) in April, before seeing a steady decline throughout the backend of the month down to $76 (£62).
Investors must have believed they were out of the frying pan when the coin recovered in late April and climbed back up to $99 (£81).
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But as they say, out of the frying pan and into the fire.
This week saw a mass crash of the crypto market, and it seems LUNA took the hardest hit, dropping to less than $1 in value.
The dramatic drop saw the cryptocurrency lose 97.4 percent of its value in the space of just 24 hours with its market cap going from above $40 billion (£32 billion) to just $500 million (£409 million).
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It is perhaps the most unprecedented loss from any leading cryptocurrency in quite a few years.
As you can imagine, crypto traders are understandably not taking the loss well. Members of r/TerraLuna took to the subreddit with some pretty harrowing stories.
One member wrote: “I’ve lost all my life savings. Had bought Luna at $85, not sure what to do.”
Another user wrote: “This seems unreal I can’t believe this is happening, I basically lost 60k overnight with what could have been considered a risk-off asset 3 days and I can’t do anything about it.
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“Can’t sell, can’t buy, I can just watch it burn. This is insane. What the actual f**k.”
Leading crypto exchange Binance had temporarily suspended withdrawals on Terra (LUNA) at one point during the crash.
The subreddit pinned a thread containing national helpline numbers to the top of their thread after some pretty upsetting recounts from its users.
Make sure to check in on your crypto friends.
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Do Kwon, who founded Terra creators Terraform Labs, took to Twitter to address the situation.
He said: “Dear Terra Community: I understand the last 72 hours have been extremely tough for all of you - know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.
“Together.”
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He continued: “The Terra ecosystem is one of the most vibrant in the crypto industry, with hundreds of passionate teams building category-defining applications within.
"As long as these builders, TFL among them, continue to build - we will come out of this together.”
Some investors remained a little more positive about the situation, with YouTube star KSI taking the crash as an opportunity.
He tweeted: “In total, I have bought about 100,000 Luna. Sticking it in a wallet and gonna see what happens in a few years.
“Could be the best/worst trade of my life. I saw an opportunity and I had to take it.”
Featured Image Credit: AlamyTopics: Cryptocurrency, Money
