Tuesday, 05 July 2022

 

 

LATEST NEWS Kannada actress Ragini Dwivedi's hot swimsuit photos go viral District Hospital Pulwama conducted its first ever mastoid surgery DGP J&K, ADGP (Coord) decorates newly promoted officers at PHQ Five AAP MLAs take oath as ministers in CM Bhagwant Mann-led Cabinet Use treated water for construction works, sprinkling and irrigation– NGT Monitoring Committee GodFather: Teaser Of Upcoming Political Thriller Is Out, Chiranjeevi Appears In Bossy Avatar Governor Administers Oath To Five New Ministers In Bhagwant Mann Led Cabinet Sargun Mehta Speaks On Aamir Khan's Punjabi Accent In Laal Singh Chaddha. Says, ‘He Could Have Done Better…’ Chief Minister Jai Ram Thakur visits bus accident site at Kullu Himachal recognized as Aspiring leaders in State's Startup Ranking 2021 FIR Lodged Against ‘Kaali Director’ Leena Manimekalai For Hurting Hindu Religious Sentiments. Details Inside M.K. Stalin seeks Centre's intervention to release Indian fishermen held by Sri Lanka ENG v IND, 5th Test : India are in a fabulous position; England need something special, says Ravi Shastri Nari Shakti Marg : Dedicated to daughters of Ferozepur under Beti Bachao Beti Padao Punjab Chief Minister Bhagwant Mann expands Cabinet by inducting five legislators Palak Sindhwani on 'Taarak Mehta Ka Ooltah Chashmah' completing 3,500 episodes Zain Imam, Reem Sameer Shaikh explain six-year leap in 'Fanaa - Ishq Mein Marjawan' Fulham sign Portuguese midfielder Palhinha Anupam Kher injured on sets of 'Kaagaz 2' 6 sticky bombs, other arms and ammunition recovered in Reasi : Police Aijaz Kashani inaugurated 7th Sky's Multi Branded Store at Srinagar,s Habba kadal

 

Terra Luna cryptocurrency collapses 98%, investors lose life savings

Cryptocurrency, Bitcoin, Ethereum, Crypto Investors, Crypto, Digital Coin, Terra Luna

Web Admin

Web Admin

5 Dariya News

New Delhi , 12 May 2022

The dramatic crash of Terra (Luna), ranked among the top 10 most valuable cryptocurrencies, has wreaked havoc in the lives of investors who are feared they will become homeless after the cryptomayhem. Within the last 24 hours, its market cap dropped from above $40 billion to just $500 million, fallen by more than 99 per cent and leaving investors nowhere to go. Terra was once ranked among the top 10 most valuable cryptocurrencies. It dropped below $1, having peaked close to $120 last month, reports Independent. "I lost all my life savings. Had bought Luna at $85, not sure what to do," wrote a Terra investor on Reddit community forum. Another investor lost $15,000 after failing to sell it when it was trading above $100 last month. 

"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," the user posted. Another user on the Reddit forum posted that "I lost over $450,000, I cannot pay the bank,a while another said: "I will lose my home soon. I'll become homeless." Crypto exchange Binance temporarily suspended withdrawals on Terra. Do Kwon, who founded Terra creators Terraform Labs, tweeted: "I understand the last 72 hours have been extremely tough on all of you - know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this." 

Terra said that the "prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA". Terra has adopted UST as a stablecoin which is linked to an underlying asset, such as gold or US dollar. "The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads," it tweeted. It proposed to burn the remaining UST in the community pool. "TFL will burn the remaining 371 million UST cross-chain on Ethereum. TFL just staked 240 million $LUNA to defend from network governance attacks," it added.

 

Tags: Cryptocurrency , Bitcoin , Ethereum , Crypto Investors , Crypto , Digital Coin , Terra Luna

 

 

related news

 

 

 

Photo Gallery

 

 

Video Gallery

 

 

5 Dariya News RNI Code: PUNMUL/2011/49000
© 2011-2022 | 5 Dariya News | All Rights Reserved
Powered by: CDS PVT LTD