British YouTuber KSI or JJ Olatunji, one of LUNA’s celebrity owners, documented his losses on social media.
On Thursday morning, KSI said that the $2.8 million he put into Do Kwon’s Terra (LUNA) plunged to a new low. That is, less than $1,000 in a single day.
Unfazed
LUNA is a cryptocurrency designed in part to enable Terraform Labs’ algorithmic stablecoin TerraUSD to maintain its peg. That means a stable $1 value (UST). However, on May 9, UST lost its stability and has since fallen to only 38 cents. Because of the UST-LUNA relationship, the latter’s stock plummeted from $62 on May 9 to only 1 cent.
YouTuber KSI has roughly 40 million followers across two YouTube channels. He revealed some of his lessons from investing in Terra. He shared via his crypto-focused Twitter account on Wednesday evening.
“I just put $2.8 million in that LUNA buy and it’s worth less than 50k. But that’s ok because I’m not dead. I’ve got my family, friends, and vigorous work ethic, haha,” KSI tweeted.
But just yesterday, KSI provided an update on his LUNA losses, saying his nearly $3 million is now worth a few hundred dollars.
While LUNA may still be enticing to the few self-proclaimed “LUNAtics” who believe the cryptocurrency will recover, it is important to understand that the LUNA token has an infinite supply and is experiencing extreme hyperinflation at the present.
Not the first time
This is not the first time that KSI has sustained a six-figure loss trading cryptocurrencies. In January, he disclosed that he lost more than $5 million trading cryptocurrencies in 2021. Furthermore, he warned his audience about the perils of leverage trading. It occurs when a trader borrows money or assets to enhance the total amount being traded.
While the internet sensation already lost at least $7.9 million last year due to botched crypto investments, he seems to be unfazed.
In another tweet, he said he had been so focused on money that he was progressively killing the essential things to him.