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A Ukrainian Lost All Family Money Following Terra’s Market Meltdown

A Kyiv resident Yuri Popovich stated he misplaced virtually his whole household financial savings on account of the UST collapse. According to the Ukrainian, he invested all his financial savings (practically $10,000) into the stablecoin UST earlier than its collapse. With over 90% of the worth of the stablecoin gone, Popovich stated the state of affairs has crippled him financially.

He stated he invested the cash in April as a method of defending towards the danger of foreign money collapse due to the political state of affairs within the nation.

“It was impossible and unsafe to store funds in the form of banknotes,” he stated, including that the crypto property marketed as secure and backed with the USD gave him another choice.

An Unlikely Situation Surrounding UST

Investors who often place their cash on stablecoins are not high-risk takers. Most traders that select these choices are afraid of the volatility of crypto property and different high-risk property. This is as a result of, in contrast to most cryptocurrencies, stablecoins are presumed steady since they are pegged to fiat currencies. In most circumstances, they are pegged to the USD, which is thought-about very steady.

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“I am not a speculator; I just wanted to save money,” Popovich stated. However, nobody anticipated the extent of meltdown that overtook Terra in May, main to a large uproar out there. Based on the current market worth of UST, his financial savings are now value lower than $500.

Popovich acknowledged that the present residing circumstances in Ukraine are extraordinarily robust. Adding this to the colossal quantity he and his household has misplaced due to the Terra crash would make it much more difficult.

More UST Investors Reveal Their Misery

Popovich is not the one one which has been hit massively due to the collapse of Terra. At a degree, the stablecoin has greater than $50 billion invested in it. But now, the token’s market capitalization has fallen to practically $1 billion.

On an analogous be aware, an unidentified particular person reportedly rang the doorbell of the home of Terraform Labs founder, Do Kwon. The particular person, who solely met Kwon’s spouse, reportedly misplaced $2.3 million due to the market crash.

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