The Terra crash primarily became the talk of the hour as a disaster for the crypto market. Some speak came forward to speak about a failed experiment, while others for scams. More than $38 billion got wiped out in one week. But according to the BBC, around 250,000 people have invested in Terra, many of them in South Korea – and large sums. The crash is, therefore, also a human tragedy.
Its dimensions are slowly becoming visible. More and more people share their fate in media reports and social media. Her life became upside down in one fell swoop. Families break up, victims become depressed, and they contemplate suicide. Some are banding together for a class-action lawsuit against the founder of Terra Do Kwonthe. The South Korean authorities are also planning steps against him.”I felt like I was dying”
According to LKB & Partners, many cheated crypto investors are in debt due to the crash. The law firm conducts a class action lawsuit against Terra that includes more than 1,700 people.” Most investors when in their 30s and 40s lost their retirement savings,” so Kim Hyun-kwonan, attorney for the firm.
A South Korean Crypto Streamer went through losses of Nearly $1 Million, according to the reports from BBC. He knocked on DoKwon’ss door, wanted to confront him – and was taken away by the police.” I felt like I was dying,” he says of the crash moment. You can find all the background information about the Terra (LUNA) crash here.”It was my whole family’s money, saved up for the year” I am a single mother of two from Ukraine. The money was my safety net,” one woman wrote in a statement to the Terra Research Forum, a Terra analytics platform. Over 100 victims of the crash were reported there. They all had invested their fortunes inTerra’ss popular DeFi platform, Anchor. She promised 20 per cent interest – and the greatest possible security.”Our currency is unstable because of the war. I just wanted to save money”, says the Ukrainian.”It was my whole family’s, saved up for years” Now she is afraid that she will no longer be able to take care of her children.”I’m ashamed that this happened to me.”
On average, it took victims three years to accumulate their invested assets, according to the Terra Research Forum statistics shared by a member named FatMan. They lost it within a week. Almost half of the victims who have come forward struggle with suicidal thoughts.
Terra founder Do Kwon tweeted,” I love chaos,+.” before the crash.
