One of LUNA’s celebrity holders is taking to social media to document his losses.
British YouTuber and rapper JJ Olatunji, more commonly known as KSI, shared Thursday morning that the $2.8 million he invested into Do Kwon’s cratered cryptocurrency, Terra (LUNA), had plummeted to a new valuation of less than $1,000 in a day.
LUNA is a cryptocurrency created in part to help maintain the peg, or stable $1 value, of Terraform Labs’ algorithmic stablecoin TerraUSD (UST). But UST lost stability on May 9 and has since plummeted to just 38 cents. Because of the connection between UST and LUNA, the latter nosedived from $62 on May 9 to just 1 cent.
Wednesday evening, KSI—who has nearly 40 million subscribers across two YouTube channels—shared from his crypto-focused Twitter account some of the things he’s learned from investing in LUNA.
“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, my friends and my vigorous work ethic haha,” KSI wrote.
Roughly 12 hours later, KSI shared an update on his LUNA losses.
My 2.8 million dollars is literally worth $1000
HAHAHAHAHAAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHA. Yeah I’m packing this in 😂😂😂😂 pic.twitter.com/qeiVN5yG2w
— KSICRYPTO (@ksicrypto) May 12, 2022
Why did KSI buy into LUNA’s crash? The answer is unclear, though he said Wednesday that he had plans to hold it long-term.
While LUNA might still look appealing to the few self-proclaimed “LUNAtics” who think the cryptocurrency might rebound, it’s critical to note that the LUNA token has an unlimited supply and is currently suffering from severe hyperinflation.
$LUNA supply is unlimited guys. It will trend asymptotically towards 0 but never hit 0
$100, $10, $1, $0.10, $0.01, $0.001, $0.0001 and so on, until the peg is regained or liquidity is 0.
Don’t buy at $0.01 thinking it will go back to $10. You’re getting hyperinflated
— 🍊juice ⌐◨-◨ (@ojuice_eth) May 12, 2022
This isn’t the first time KSI has lost six figures trading cryptocurrency, either. Back in January, he revealed that he lost $5.1 million trading crypto in 2021 and told his audience about the dangers of leverage trading, which is when a trader borrows money or assets to increase the total amount being traded.
“Never leverage trade. You don’t win. You never win… my crypto experience has just been a lot of losing,” he said, before breaking out into a fit of laughter.
While the internet star has now lost at least $7.9 million in the past year from fumbling crypto trades, he seems to be taking it in stride.
Before crypto, money was a driving force in my mindset. During my time, I made a lot of money, and lost a lot of money. I went from euphoric to depressed. But soon I became numb to it all and realised that money simply isn’t everything.
— KSICRYPTO (@ksicrypto) May 12, 2022
“I had been so focused on money that I was slowly destroying the things that were important to me,” KSI shared, adding that he went to a therapist last year to talk about his life.
KSI fans on Twitter called the star’s losses “shocking,” “mental,” and “terrible,” while others joined in on the dark comedy of it all. When one suggested that KSI might be on the road to gambling addiction, KSI had some thoughts.
“Definitely have one lmao, slowly fixing that. Crypto doesn’t help with my addiction,” he said.
What a week. I went to my hamsters funeral, performed in front of thousands of people at Wembley Arena with Anne Marie, my 3 million dollars worth of Luna is now worth a few $100.
And it’s only Thursday.
— ksi (@KSI) May 12, 2022
The best of Decrypt straight to your inbox.
Get the top stories curated daily, weekly roundups & deep dives straight to your inbox.
Source: https://decrypt.co/100239/youtuber-ksi-lost-2-8-million-terra-one-day
