A Ukrainian man who converted almost all of his money into the crypto stablecoin terra back in April in order to protect it against the risk of invasion or currency collapse has lost $10,000 after its sudden demise.
Ukrainian Man Lost Crypto Money
Yuri Popovich, who currently lives in Kyiv, said that it was impossible and unsafe to store funds in the form of banknotes. Cryptocurrencies advertised as safe and backed with fiat currency had another option.
Unlike most cryptocurrency purchases, buying a stablecoin is not intended to be a risky investment. The tokens with names like “tether,” “terra,” and “USD coin,” are supposed to maintain a fixed value of one token to one US dollar.
Popovich clarified that he is not a speculator, he just wanted to save some money.
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However, when terra collapsed in early May, as well as starting a broader meltdown in the cryptocurrency sector, it affected the savings of retail investors.
Popovich said that he stopped sleeping normally and lost 4kg. He is now suffering from headaches and anxiety. He also said that his wife still does not know about the loss and he does not know how to tell her.
Popovich’s savings are now worth less than $500, according to The Guardian. He said that this is a colossal amount for them, and in the current situation, the money is important for them to survive. He fears for his…
