Just a week ago it was one of the world’s biggest cryptocurrencies, but after a coordinated attack on its systems, Terra Luna is now worthless.
The financial massacre didn’t just leave thousands of keen investors millions out of pocket, it also sent many spiralling into dark mental health holes – some so bad they even attempted suicide.
Others were forced to hide in their homes as their friends furiously attempted to confront them, banging on their door demanding answers and retribution.
On the sub-Reddit for TerraLuna, the main place of discussion for the self-described ‘LUNAtics’, one terrified investor today asked for advice.
‘My friends who I recommended Luna to all hate me now,’ they wrote.
‘Many angry calls and loud knocking at my door from former friends I told to buy Luna early, I feel like s**t we all lost our life savings and they have kids. What do I do?’
The drop in Terra Luna happened almost overnight
The volatile cryptocurrency has lost all of its value
Terra Luna, which was once in the world’s top few cryptocurrencies, began to falter on May 8, with many investors cutting their losses and selling off their coins.
Similar to a run on the banks, the selloff triggered a death spiral, making the cryptocurrency worthless.
TerraUSD, a stablecoin system, was always tied to the US dollar in an attempt to create stability and security for investors.
The sudden collapse of both Terra and Luna, wiping billions off its value, didn’t just anger investors, it also made many grapple with suicidal thoughts.
‘I lost over $450k USD, I cannot pay the bank. I will lose my home soon. I’ll become homeless. Suicide is the only way out for me,’ one wrote.
‘I’m going through some of the darkest, most severe mental pain of my life. It still doesn’t seem real that I lost $US180,000… When I make it through this, I’ll be stronger then ever,’ another added.
‘Bro, my little brother lost his entire net worth £350,000, gone like that. I’ve lent him 5k and he’s moved in with me,’ a third wrote.
In another story after the crash, an investor begged people to seek out mental health support after their own friend tried to take their own life.
‘My friend and ex-colleague (my manager for 15 years) tried to commit suicide this morning. He basically moved all of his savings to crypto in 2021 and LUNA was a massive player in his portfolio,’ they wrote.
‘Just wanted to tell you guys – if you feel pain and you think your life is miserable without money, you feel failure and stuff… just come to people you love.
‘Do not be alone, this s**t is getting serious. Do not overestimate the value of money, life has a much higher value. I do not post to Reddit at all, but I considered it important to do it now. Wish you good luck.’
Terra Luna holders were left hundreds of thousands of dollars out of pocket
A third told their own story of surviving a suicide attempt years earlier, in a bid to deter other Luna investors from taking the same route.
‘If you’re considering ending your life, I sincerely hope you re-consider your feelings,’ they wrote.
‘Whatever it is you’re going through, like everything else in life that ever was, shall pass. A brighter day will come, and you will be surprised how life will open its doors back up for you when you allow it to.’
Do Kwon, chief executive of Terraform Labs and the man in charge of the cryptocurrency, is under siege over the stunning drop as his devoted investors beg for answers.
Not only did he take hours to respond to everyone when the currency crashed, which left many with a sour taste in their mouth, he has long portrayed a cocky attitude on social media, trolling people for being ‘poor’.
The creator of Terra Luna Do Kwon is in hot water
Do Kwon trolling someone for being a ‘broke ass’
The crypto CEO regularly called Twitter critics ‘poor’
The creator of the cryptocurrency was licking his wounds last week when he witnessed more than $A57 billion be wiped from his company’s market cap.
His most recent plan, unveiled on Tuesday morning, was to hard fork Terra – abandoning the old token Luna and launching a new one.
‘Terra is more than UST,’ he wrote.
‘The Terra community is my family. I will always be here, no matter how hard it gets. Let’s build it back up again – together.’