The Ukrainian Lost All His Wealth Due to the Collapse of UST

Written by C, Fiona

Last updated: 2022-05-30

Why Trust BTCC

BTCC, a seasoned player in the cryptocurrency sector, has established a solid foundation of credibility through its over a decade of platform operation and profound industry experience. The platform boasts an experienced team of professional analysts who leverage their keen market insights and profound understanding of blockchain technology to offer precise market analyses and investment strategies to users. Furthermore, BTCC adheres to rigorous editorial standards, ensuring that every report and analysis is fact-based, striving for objectivity and fairness, thus providing investors with authoritative insights they can rely on. In the rapidly evolving cryptocurrency market, BTCC stands out as an indispensable partner for numerous investors and enthusiasts due to its stability, professionalism, and forward-thinking approach.

Kyiv resident Yuri Popovich almost lost his entire family’s savings due to the sharp fall in the price of UST. Terra’s fiasco has brought terrible consequences to many investors around the world. It is reported that one of them is Yuri Popovich, a Ukrainian citizen. He invested about $10000 (all his family savings) in the stablecoin UST, and almost lost everything.

UST and a Ukrainian Family

In times of financial turmoil and negative events (such as Russia’s invasion of Ukraine), cryptocurrency and stablecoin can be used as an investment tool. In any case, allocating some wealth to asset classes sounds like a better ratio than buying property in war-torn areas.

Relying on this assumption, Kyiv residents – Yuri Popovich – invested all his family funds (nearly 10000 US dollars) into UST (a stablecoin, which sounds less risky than most cryptocurrencies with large fluctuations on paper, because it should be 1:1 linked to the US dollar). “I am not a speculator; I just want to save money,” the man said.

However, at the beginning of this month, the asset lost its peg to the national currency of the United States and is currently hovering at only $0.06. Popovich revealed that due to the collapse, his investment melted to $500.

This devastating loss also brought serious health problems to this person. “I no longer sleep normally and lose 4kg; I often have headache and anxiety. My wife still doesn’t know this loss. I don’t know how to tell her.”.

Popovich pointed out that the current living conditions in Ukraine are extremely difficult. That said, the collapse of UST and the “huge amount” of the family will make their lives more challenging.
“This is a huge sum of money for us. In the current situation, it is crucial to life. I am worried about my wife’s health, my health, and our relationship. I don’t even know how it will end.”

Other Investors Hurt By Luna/UST Crash

As reported earlier this month, an unidentified person rang the doorbell of do Kwon (CEO of terrain labs). It is said that the man came to the executive, but only his wife was there.

According to another report, the intruder was an investor of Luna, who lost $2.3 million due to the bloodbath of the market. He explained to law enforcement officials in South Korea that many investors committed suicide because of catastrophic losses and asked Quan Jian to be responsible for these deaths.

Another person who lost millions by investing in Luna is British pop YouTuber and rapper JJ Olatunji, or Ksi. The latter is also an enthusiast of bitcoin. He disclosed that he distributed about $2.8 million of wealth to the original token of Tara, and his investment is now worth less than $500.