Taiwanese Man commits Suicide following $2 Million loss from TerraUSD Crash

Key Takeaways

  • The man in his text messages had said that he had invested US$2 million in Luna tokens, but after the crash was left with only US$1,000.
  • He was found dead on May 24 in Taichung’s 7th Redevelopment Zone.

A man in Taichung City jumped from his apartment tower in an apparent case of suicide after losing US $2 Million from the collapse of TerraUSD. He was found dead on May 24 in Taichung’s 7th Redevelopment Zone.

A security guard working on the night shift was the first to find the man severely injured lying on the ground. When police arrived at the scene, the man had already died. A floor-by-floor inspection of the apartment building revealed the deceased was a 29-year-old man named Wu, who resided on the 13th floor.

Wu left no apparent suicide note, and after a through inspection of his phone, prosecutors found that he had recently complained to his relatives and friends that the value of the Luna tokens he had purchased had collapsed by 99% within just two days. In his text messages, Wu talks about how the crash cost him a great deal of money and depressed him. In one text message, Wu reveals that he had invested US$2 million in Luna tokens, but after the crash, he was left with merely US$1,000. The police state that his financial investments and the cause of his suicide is still under investigation.

Until the crash, nearly 265,000 cryptocurrency addresses had deposited TerraUSD to Anchor Protocol, according to blockchain analytics firm Nansen. The crash has caught many investors off guard since TerraUSD as a stablecoin was pitched as a harbor from volatility. The unprecedented crash have left investors in complete shock. Many investors who amassed TerraUSD where unaware of its vulnerability and the design of the stablecoin itself. TerraUSD was prone to collapse mainly because it was an “algorithmic” stablecoin not backed by real assets.  

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Saniya Raahath

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