A netizen shared how he took a loan of $50k from various friends and family to invest in cryptocurrency and lost everything when Terra (or Luna, one of many types of cryptocurrency) crashed.
Here is his story
I messed up, BIG time.
So back in February, everyone around me was very into cryptocurrency and all my friends were showing off their huge earnings from their investments.
Even YouTubers online were also investing in this particular cryptocurrency called Luna, and given the many positive reviews, I decided to join as well.
I went around taking loans from my friends, family and relatives, wanting to use the loan to invest in Luna, and I promised that I would pay back the loan as soon as I generate a large enough profit.
I was of the belief that it was a sure-earn money opportunity, because of the many endorsements by my friends and celebrities online, who had also invested millions of dollars on it.
I managed to raise about $50k through all these loans from left, right and centre, and bought $50k worth of Luna on 1 March.
The value of Luna on 1 March was $123.54, and it had fallen to $106.11 on 8 March and I started to panic, but then the next day it rose to $116.72, before shooting all the way up to $135.10.
However, my nightmare began when it all started crashing on 5 May, it freaking dropped from $118.43, to $88.92, to $24.38, and now it is worth $0.000148.
This means that my $50k is effectively worth $7.40 (and it is still falling), I have lost everything.
I don’t know where to go from here, and my immediate concern is raising the money to repay the loans that I took from my friends and family in the first place.
They heard about the news of the crash and everyone started hounding me, spamming me with messages and calls until I decided to just leave everything behind and leave the country.
I am now overseas and trying my best to raise money here before I return to face my family and friends, I really feel like the most useless person in the world, I don’t know how to return the loan.
But in every crisis, there is an opportunity. I am seriously considering taking another separate loan from the bank to recoup my losses but I don’t know man, yet to make a decision.
Editor’s note: Bro, are you talking about this YouTuber?