Terra (LUNA) and its UST stablecoin had the worst crash today as Terra fell 96.2% and is down to $1.21. Its UST stablecoin plunged to $0.40 as it depegged from the USD plummeting more than 60% in less than 24-hours. Though its founder Do Kwon revealed a plan to save UST stablecoin, the damage to its price and reputation is already done. Read here to know Do Kwon’s plans to protect UST from further damage.
Watcher Guru spoke exclusively to Terra (LUNA) investors and both lost a drastic amount of savings in today’s crash.
Terra (LUNA) UST Investors Lose Savings
Suraj Gowda (name changed) revealed he purchased Luna in July 2021 for $6 through WazirX. He requested us to use a pseudonymous name to protect himself from being made fun of online. Terra has become the butt of all jokes on social media while its investors are reeling in pain.
The 27-year-old stated that he purchased a fancy number of 666 coins worth $4,000 as the “number sounded cool”.
“I regret not selling it when it crossed $100 last month as I assumed it could go much higher,” said Gowda a resident of Bangalore. When asked what made him not sell Luna when it reached its all-time high. He said, “My goal was to make 1 Crore Rupees ($129,000) and I didn’t want to sell it until it reached there. I purchased it at a very good price of $6 and it’s now less than $1 after holding for 10-months.”
Gowda revealed that he’s afraid to inform his parents that he lost money and also cursed India’s tax on cryptos. “First the government placed 30% tax and now this (referencing his disappointment of Terra).”
Arpit Kumar (name changed due to security reasons), a resident of Delhi revealed that he invested in Terra because articles suggested: “it will moon”. He said, “I read an article last year suggesting Terra could reach Ethereum levels by 2025 so I invested in it. It is now worth less than shit coins. I lost most of my money.”
When asked how much he invested in Terra, Kumar revealed he purchased it for $17 in August 2021 through WazirX. He stated he purchased 400 coins worth $6,800. His investment turned out to be less than $400 today. Kumar confirmed he has not informed the losses to his parents either.