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Ukrainian Man Converts Life Savings Into Crypto Coin Before Russian Invasion Only To See It Crash

Ukrainian Man Converts Life Savings Into Crypto Coin Before Russian Invasion Only To See It Crash

He said he 'just wanted to save money', but it backfired

A Ukrainian man converted his life savings into cryptocurrency following the Russian invasion, only to see it collapse.

Yuri Popovich, who lives in the capital, Kyiv, wanted to make sure his cash was safe amid the war and the risk of currency collapse, so last month he invested in the 'stablecoin' Terra.

The tokens are supposed to maintain a value of $1, and Yuri was simply trying to protect his savings.

"It was impossible and unsafe to store funds in the form of banknotes," he told The Guardian. "I am not a speculator; I just wanted to save money."

But unfortunately, the investment backfired after the cryptocurrency collapsed earlier this month, losing 99 percent of its value in 48 hours.

The cryptocurrency tanked earlier this month.

Yuri lost almost $10,000 (£8,000) following the dramatic crash, and his savings are now worth less than $500 (£397).

"I stopped sleeping normally, lost 4kg; I often have headaches and anxiety," he said.

"My wife still doesn't know about this loss. I don't know how to tell her.

"This is a colossal amount for us, and in the current situation it is critically important for life. I fear for my wife's health, my health and our relationship. I don't even know how it will end."

Do Kwon, who founded Terra creators Terraform Labs, urged the investing community to 'hang tight' and 'stay strong' following the crash.

But on 13 May, he acknowledged that attempts to rescue the currency had been unsuccessful.

He tweeted: "I am heartbroken about the pain my invention has brought on all of you."

However, he has since announced controversial plans to resurrect the currency.

He tweeted: "The Terra community is my family. I will always be here, no matter how hard it gets. Let's build it back up again - together."

But others in the cryptocurrency field think Kwon should quit while he's behind.

Billy Markus, co-founder of cryptocurrency Dogecoin, tweeted: "My recommendation is to stop trying to bring in new victims to fund the previous victims and leave the space forever."

If you would like to donate to the Red Cross Emergency Appeal, which will help provide food, medicines and basic medical supplies, shelter and water to those in Ukraine, click here for more information 

Featured Image Credit: Alamy

Topics: World News, Money