The price of the Terra (LUNA) cryptocurrency has fallen by more than 99 per cent, wiping out the fortunes of crypto investors.
Terra, which ranked among the top 10 most valuable cryptocurrencies, dropped below $1 on Wednesday, having peaked close to $120 last month.
The dramatic crash meant its market cap dropped from above $40bn to just $500m, resulting in unprecedented losses for investors in a leading cryptocurrency.
“I lost all my life savings,” one member of the r/TerraLuna sub-Reddit wrote. “Had bought Luna at $85, not sure what to do.”
Another wrote that they had lost $15,000 after failing to sell their holdings for a substantial profit when it was trading above $100 last month.
“I should’ve cashed out when it was $100, then I would have been up $25,000,” wrote Reddit user No-Forever. “But I got greedy hoping to get more money so I can at least afford a downpayment for a house for my family. I guess no house and savings then.”
Moderators of the forum, which has more than 44,000 members, pinned a post with helpline numbers to the top of the page after users voiced concern about the consquences of the crash. “I lost over $450,000, I cannot pay the bank,” one user member of the forum wrote. “I will lose my home soon. I’ll become homeless.”