Another person committed suicide after Terra LUNA depreciated

Written By Eleman

The effects of the Terra LUNA depreciation still continue in the world. In these days, when Luna was raising suspicions of fraud, another suicide news came.

The Terra (LUNA) nightmare has had dire consequences for many investors around the world. The collapse, in which billions of dollars were vaporized, led to great disasters.

Lost $2 Million

luna coin 44 WNVk cover

The Terra (LUNA) nightmare has had dire consequences for many investors around the world. The collapse, in which billions of dollars were vaporized, led to great disasters.

Asian countries have an important place in the cryptocurrency market. Despite China’s ban on cryptocurrencies, Asian countries such as South Korea, Singapore and Taiwan are taking striking steps in the use and investment of cryptocurrencies. However, the recent Terra crisis damaged investor confidence in the region, especially in South Korea.

LUNA’s collapse hurt many investors. In Taiwan, there was a suicide incident that shook the country. A 29-year-old man committed suicide by jumping from a building in Taichung City on the morning of May 24. According to local media reports, a person named Wu Nan jumped from the 13th floor of a luxury complex and did not leave a note behind.

Police, who checked the victim’s phone, announced that the young man lost $2 million in the Terra crisis and therefore committed suicide. Chinese crypto journalist Wu Blockchain also confirmed this information, stating:

A 29-year-old man in Taiwan committed suicide by jumping from a building after losing nearly $2 million in investment in Luna. Taiwan is a very active country in cryptocurrency and NFT.

Ukrainian Investor Becomes Terra Victim

Cryptocurrencies and stablecoins can act as saviors for investors in times of financial turmoil and war. In an environment where the traditional financial system is disrupted, cryptocurrencies such as Bitcoin offer significant advantages with their digital and decentralized structure. Yuri Popovich, who lives in the capital of Ukraine, Kiev, invested all his savings worth 10,000 in UST.

At first glance, UST looks like a less risky stablecoin than most volatile cryptocurrencies, for a 1:1 ratio to the US dollar. Ppovich explained that he shy away from the cryptocurrency market, but finds stablecoins more reliable. However, at the beginning of the month, UST lost its stable value and is currently trading at just $0.02. Popovich stated that his investment fell to $500 due to the failure of the project and added:

While the war was going on, I put all my savings on the UST. I lost my health. I can not sleep. I lost 4 kilos. I have frequent headaches. I still haven’t told my wife and I don’t know how to say it.

Popovich said that the current living conditions in Ukraine are extremely bad. The collapse of the UST and the “huge amount of money” lost by the family will make their lives even more difficult. The Ukrainian investor added that he is still in shock and does not understand how such a crisis happened.

Terra LUNA 1

Terra 2.0 re-released

The Terra 2.0 mainnet (Phoenix-1) was launched on Saturday according to the timeline set by the Terra developers and started producing blocks.

Terraform Labs co-founder and CEO Do Kwon confirmed the reboot of the new chain, Terra 2.0, which aims to revive the collapsed Terra (LUNA) and TerraUSD (UST) ecosystem.

Kwon’s revitalization plan for Terra includes hard forking the existing blockchain, issuing LUNA tokens back to investors just before the collapse of the LUNA and UST markets that cost investors huge losses.

The Terra 2.0 mainnet, dubbed Phoenix-1, began producing blocks, launching on Saturday according to the original timeline set by the Terra developers.

Following the original proposal’s plan, which suggested issuing new LUNA tokens to existing investors, Kwon noted that users should now be able to view their newly issued LUNA token balance:

“In order to view your $LUNA token balances, also called $LUNA2 by some exchanges, you just need to log in and refresh the page.”

In addition, investors switching over Inter-Blockchain Communiation (IBC) must create a station wallet with the same ledger and follow the instructions given during wallet creation.

View Terra wallet balances

Kwon also shared an official portal link where users can view their Terra wallet balance. As Cointelegraph previously reported, many crypto exchanges helped relaunch Terra via airdrops.

According to the revival plan, users who previously held Terra Classic (LUNC), TerraUSD Classic (USTC), and Anchor Protocol UST (aUST) are eligible to receive the new tokens.

Binance BNB Chain, one of the many crypto ecosystems that stood up to help Terra projects come back to life, promised to support and invest in projects considering transitioning from the Terra ecosystem.

Speaking to Cointelegraph, Gwendolyn Regina, director of investment at BNB Chain, confirmed the company’s intention to recruit leading developers in the Terra ecosystem.

Regina said, “There are many talented creators and developers in the Terra ecosystem, and our support is aimed at getting these developers and teams to create new projects on BNB Chain. So, we’re interested in supporting developers and projects so they don’t miss their future potential.”

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