Famous YouTuber reveals he lost $2.8 million on LUNA
2 min read
A popular British YouTuber known as JJ Olatunji (KSI on Youtube) has revealed that he lost a fortune with the fall of the Terra (LUNA).
YouTuber JJ Olatunji lost $2.8 million on LUNA
As KSI reported on his YouTube channel, the $2.8 million he invested in the cryptocurrency dropped to less than $100. As a result, he ended up losing most of his savings.
YouTuber KSI, who has around 40 million followers across his two channels combined, took to his Twitter account to discuss some of the things he learned from his LUNA investment experience.
“I just saw that the $2.8 million I bought on LUNA is now practically zero. But that’s okay because I’m not dead. I have my family, friends and vigorous work ethic. But it was a big loss,” he said.
Also according to him, the fact showed that investors need to diversify their portfolio. Furthermore, it proves that the cryptocurrency market is high risk. Therefore, investors should keep in mind that, like him, they can lose everything at any time.
Failure of UST-LUNA
The KSI disaster occurred as Terraform Lab’s TerraUSD (UST) stablecoin lost its peg to the US dollar and dropped to $0.04.
As a result, the algorithm-based stablecoin lost around $16.6 billion in market value. To try to calm the market and solve the problem, the company tried to peg the UST to the dollar, supporting it on LUNA.
Since then, LUNA’s supply has increased from 775.69 billion to 6.91 trillion on May 10, according to data from Terrascope, a tool created to track the Terra Money ecosystem.
However, despite the failure of UST-, the cryptocurrency market is regaining some of its value. As part of the market rally, all major cryptocurrencies are posting double-digit highs.
