FT News Briefing A sceptic’s guide to crypto: boom and bust
Aug 21, 2022
Dive into the wild world of cryptocurrency, where emotions run high amidst market volatility. Explore the dramatic rise and fall of Luna within the TerraLuna ecosystem, revealing the human costs of investing. Hear from a CEO who embraced Bitcoin amid financial woes and the intriguing resurgence of Dogecoin, once a joke, now a cultural phenomenon. The conversation critically examines the speculative nature of crypto, questioning its future as both an innovation and a risky investment.
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Wajahat's Loss
- Wajahat Mughal, a young crypto YouTuber, lost his entire investment portfolio in the crypto crash.
- He influenced many others to invest, who also lost money, causing him distress and regret.
TerraLuna Investment
- Wajahat was drawn into crypto by the potential of infinite possibilities with assets.
- He invested heavily in TerraLuna, a crypto ecosystem with linked coins, intrigued by its novelty.
Terra Collapse
- Wajahat switched to Terra stablecoin, believing it safe, but it crashed, wiping out his savings.
- The collapse led to suicides, deeply affecting Wajahat, highlighting the human cost of the crash.