In the past few days, crypto investors have been stirred by the collapse of Terra Network (LUNA). Once in the top 10 cryptocurrencies with the largest total capitalization, but in just a few days, LUNA has lost more than 99% of its value.
At the moment, the price of each LUNA coin is only $0.006. Compared to the peak price of 119 USD in early May, the price of LUNA coin has decreased by nearly 20,000 times. Binance – the world’s largest cryptocurrency exchange has also announced that it will stop depositing and withdrawing Terra Network’s LUNA coin.
The bad volatility of Bitcoin along with the massive sell-off caused the stable coin UST and the governance coin of Terra Network LUNA to be severely depreciated. Despite the efforts of the Luna Foundation Guard to pump money into the fire, the collapse of this project is irreversible when the market’s confidence has been lost.
Most recently, on the official twitter page, the team that runs this project broadcast information that the Terra blockchain has temporarily stopped working at block 7607789.
According to the developer, the network shutdown is just to implement the recovery plan. New updates will come. However, despite the reassurance of the Terra Network operation team, the price of LUNA coin is still falling continuously.
There are many conspiracy theories behind Terra’s failure. However, whatever the root cause, there is an undeniable fact that many investors have fallen victim to this systematic collapse.
On the community group of Terra investors in Vietnam, the gloomy atmosphere is not difficult to feel.
Sharing on this forum, an investor with the nick name Trang Dang said: “I’m officially empty-handed and give up crypto”.
“After a year of playing the coin lost $70,000. I lost because many other coins split 10, 20 times, then decided to cut my loss and run through LUNA to lose it all. Putting an end to no more hope,” she shared.
Not only Trang Dang, many other investors also became victims of LUNA coin. “Bye everyone. 133,000 coins. His capital is 87,000 USD. Good luck to everyone,” said an investor named Son Dinh.
Among the victims of LUNA are not only those who have invested in the project from the beginning. Many people have just become victims of LUNA because of the two words “bottom-fishing”.
“Getting the LUNA bottom from 70 USD, 60 USD, 40 USD, 30 USD, 17 USD, 10 USD, 4 USD, 1 USD is absolutely true. Trust the floor, trust the top coin and leave the belt. A lot of friends and brothers lost from $20,000 to several million dollars on this case.”
The above excerpt is the confession of a long-time crypto investor after trying to “catch falling knives”, continuously averaging the price of LUNA coin and receiving a bitter ending.
According to security expert Ngo Minh Hieu (Hieupc), crypto investment brings high returns, but it also comes with many risks and is uncontrollable.
“Besides psychological imbalance, anxiety, fear… many other factors can cause a crypto investor to go bankrupt.
Crypto investors will face the possibility of project owners scamming, not to mention scenarios that are accidentally or intentionally hacked. Disputes within the development team can also make the project lose its value.
Another potential risk is the lack of awareness of information security among the programmers and managers of the crypto project. They can be tricked by hackers into clicking on malicious links to steal valuable information,” the expert said.
Because of such many risk factors, investors need to consider and be cautious before putting their money in crypto projects. There should be no subjective psychology, letting go of the investment just because thinking it is the top coin, can’t die. With the crypto market, the craziest things are possible.