Cryptocurrency suicides

This precipitated a broader crash that knocked the largest cryptocurrency, Bitcoin, to its lowest level since Many of those who have lost a huge investment on LUNA are said to be losing their minds. In , this individual converted all of his savings to cryptocurrency, with LUNA comprising a significant portion of his holdings, the Reddit post said.

In a related report, according to a post on the most recent tweeter of EmperorBTC Reports, 22 investors committed suicide after the price of LUNA plummeted close to zero. The authorities have not confirmed the claimed suicides. For updates and exclusive offers enter your email. Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you're human: Christian Encila Freelance writing is Christian's other cup of tea.

Some critics pointed out a fatal flaw in the system: if investors lost confidence in TerraUSD's ability to maintain the peg, the two tokens could come crashing down, per Bloomberg. Anxious investors rushed to dump their TerraUSD holdings and the token cratered, bringing Luna down with it. By late May, the tokens were almost worthless. Experts are still trying to determine what caused TerraUSD's depegging, but the damage was done.

Popovich's life savings evaporated during this time. He said that his losses amounted to about two to three years' worth of salary. In China, Wan has been battling a malignant tumor that spread from his stomach to his liver for the past two years, he told Insider last week. He said he recently had to cut down on his working hours to undergo several rounds of treatments.

Wan, 37, asked that Insider not use his full name to protect his identity. Wan, who lives in the southwestern city of Chengdu, said he needed to find a stable source of income for future medical treatments. Wan said he thought about killing himself because the shame and stress were too much to bear.

Wan said he feels better now, but he still hasn't told his wife or anyone else about the loss. The year-old salesperson said US sanctions on his country meant that it was hard for him to invest in foreign assets. A large part of that sum was actually inherited from his father after he passed away, Farzam said. After the token's meltdown, Farzam said he felt like harming himself. He said he became "suicidal and completely depressed" after losing almost all of it.

Christian, 39, did not want to reveal his full name so as to protect his identity. It's unclear how many amateur investors suffered in the crash. Suicide-prevention and counseling organizations in the US, Singapore, and the UK were unable to tell Insider how many calls they received in May were related to the crash. However, the organizations all noted that huge financial stresses can worsen mental health.

Certainly suffering huge financial loss can be one of those factors. The crash prompted a Reddit user to share on May 12 a list of suicide-prevention helplines around the world so that those who were "panicking" could call for help. Don't invest in the hopes of having more next month," the post read.

Terraform Labs switched off the network after the plunge in its two cryptocurrencies. However, they're unlikely to find answers from regulators as of now. The cryptocurrency ecosystem was built on the principle of decentralization, and so it remains relatively unregulated.

Crypto firms have actively resisted any form of policing. A better solution would be to impart the basic universal skills that allow a retail investor to manage the risks," Spencer Li, managing director at Synapse Trading in Singapore, told Insider.

This lack of policing may be changing in the US, however. On Tuesday, senators Kirsten Gillibrand and Cynthia Lummis introduced a bipartisan bill that would give the Commodity Futures Trading Commission authority to regulate cryptocurrencies.

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TerraUSD traded as low as 23 cents amidst frenzied selling. This precipitated a broader crash that knocked the largest cryptocurrency, Bitcoin, to its lowest level since Many of those who have lost a huge investment on LUNA are said to be losing their minds. In , this individual converted all of his savings to cryptocurrency, with LUNA comprising a significant portion of his holdings, the Reddit post said. In a related report, according to a post on the most recent tweeter of EmperorBTC Reports, 22 investors committed suicide after the price of LUNA plummeted close to zero.

The authorities have not confirmed the claimed suicides. For updates and exclusive offers enter your email. Sign Up I consent to my submitted data being collected and stored. Posts on a Reddit forum dedicated to cryptocurrency token LUNA have skyrocketed as the coin has fallen into crisis over the past day — and gotten very dark in tone, once again illustrating the risk of blockchain tech to less-experienced investors. The so-called "stablecoin," which is supposed to mirror the actual value of the US dollar, lost around 98 percent of its market value in a massive nosedive overnight, according to a Forbes report published earlier today.

Because of the devastating news, people who've invested thousands of dollars or bet money against their physical assets with crypto are feeling the loss the most. Some have even said they've lost so much that life may not be worth living, and at least one user said they would lose their house over the financial disaster. One crypto follower on Twitter posted a collection of these posts and worried over the impact on people's mental health.

Contrary to popular belief, even the great market crash on Black Friday in didn't cause a rash of self harm attempts. According to History.