A YouTuber has been caught in the middle of a largescale market wipeout where billions of dollars were lost, leaving many investors hamstrung.
YouTuber Olajide Olayinka Williams "JJ" Olatunji, or KSI, took to his "KSICrypto" Twitter account to reveal his investment in the cryptocurrency project LUNA. The YouTuber showcased a $2.8 million investment into Terra Luna, which last week began experiencing large amounts of sell-offs, causing the market cap of one of the top 10 cryptocurrencies in the world to fall from $40 billion in April to $1.6 billion as of May 16.
The value of LUNA dropped dramatically, one coin was worth nearly $100 on May 1, and on May 16, its worth 0.00023c. In the span of 24 hours, 99% of the value of LUNA was wiped away, causing many individuals, such as KSI, to be caught up in the bloodbath of red candles. Many individuals that were either holding LUNA before the crash, or decided to purchase it while it was crashing and weren't able to sell before it was too late have taken to Twitter and other social platforms to voice their losses.
One investor wrote, "I should've cashed out when it was $100, then I would have been up to $25,000. But I got greedy, hoping to get more money so I can at least afford a down payment for a house for my family. I guess no house and savings then".
During the crash of the cryptocurrency, some exchanges, such as Binance, temporarily stopped withdrawals on the LUNA network, which meant many users who were looking to jump out of the LUNA crash weren't able to sell their assets, leaving them holding their investment that was exponentially losing value every minute.
Do Kwon, the founder of Terra creators Terraform Labs, took to Twitter on Tuesday and announced that developers are devising a recovery plan for the Terra stable coin UST, asking the few investors left holding the coins to "hang tight".
"Close to announcing a recovery plan for $UST. Hang tight," said Do Kwon.
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