Jon Snow was told that winter was coming. But for many cryptocurrency investors it has already arrived. The crypto universe is sinking at a frightening speed. Most investors are selling at a loss. Others are not even able to sell their assets due to the collapse caused by the sell-off.
The cryptocurrency crash has affected almost all tokens and has even brought down some stablecoins. One of these is TerraUSD, which should always be worth $1 and has fallen to as low as 30 cents. LUNA, her sister and who serves to stabilize her, has lost 99% of her value: from almost 120 dollars to less than one.
The grace of these two cryptocurrencies is that investors could make a profit when they exchanged LUNA for TerraUSD when it was below the dollar. And the problem is that this is not happening and, by the looks of it, is not going to happen anymore after they have entered an overnight devaluation spiral.
Despair at having lost everything
This situation has caused many ‘cryptobros’, as enthusiasts are often known sarcastically, to have lost almost all of their money. So a featured post on U/Terraluna, a Reddit forum dedicated to LUNA cryptocurrency, has been filled with the frustration and despair of these people.
An avalanche of messages in this forum describe the experience of dozens of users who claim that their investments in LUNES have caused them to lose thousands of dollars, or even all of their savings. In this scenario, it has been filled out to include a number of links to help lines such as the National Suicide Prevention Lifeline.
“I have lost more than 450,000 dollars, I can not pay the bank. I will lose my house soon and I will become homeless. Suicide is the only way out for me,” said one of the users of the forum. “I lost all my life savings. I had bought LUNA for $85. Not sure what to do,” wrote another. There are also others who claim that it is time to buy, although it does not seem the most reasonable option.
Do Kwon, creator of Terra, has spent $750 million worth of bitcoin to maintain Terra’s peg and stabilize the situation. Despite assuring on Twitter that better days will come, for the moment he has not been able to stop the crash of his cryptos, which is so great that he is already beginning to compare himself with Lehman Brothers.
Reproaches to celebrities who have promoted cryptos
But the cryptocrash is not limited to these two cryptocurrencies. Everything is being devalued. Bitcoin, the world’s largest cryptocurrency, has gone from below $25,000 to as high as $30,000 today. Ethereum, Cardano, Solana and other cryptos have also lost much of their value.
So the comments and curses about this disaster have taken different paths. The celebrities and celebrities who have spoken openly about how prosperous cryptocurrencies were going to be have also received a large dose of anger from cryptobros and other users who already warned that this speculative universe was not going to go well.
Matt Damon was the subject of a worldwide advertising campaign for Crypto.com. Kim Kardashian promoted EthereumMax, a little-known crypto until she brought it up. Reese Witherspoon has been outspoken about Ethereum. Gwyneth Paltrow has held bitcoin prize giveaways to promote the cryptocurrency mining company TeraWulf. So all of them, for the community, are complicit in this situation.