I have kind of a sad story to share with you of a person in a very, very bad spot in life, basically losing it all because of the crypto meltdown, but more specifically terra, and i'm sharing this with you as just a little bit of a cautionary Tale of blowing up in crypto russia was invading so a ukrainian converted his life savings of ten thousand five hundred dollars into crypto token terra, then the token crashed so yuri thought it seemed like a good idea at the time, as did many people who were investing In stable coins, and particularly with terra there's, a lot of lunatics out there. That's the name of the group of people who support the luna ecosystem and a lot of people got unfortunately rugged whether it was intentional or not. Whether people could have seen it coming or not the end result is a lot of people lost a lot of money. Russia was invading yuri's home country, ukraine, the resident of the ukrainian capital.

Kiev wanted to protect his life. Savings of about 10 grand from a currency corrupts or other risk related to war. So he thought why not convert his savings into these digital tokens to store their value because that's how they were pitched listen to the name stablecoin. He wasn't in this necessarily to make some great gain.

He was like, what's a better way, to store my life. Savings wasn't in it, for some sort of yolo play was just thinking of a safe way to store his money, and he ended up choosing the algorithmic stable coin terra, unfortunately, and ended up ending in a serious debacle. Earlier this month, terror's algorithm lost its peg to the us dollar and the stables coin value plummeted within a few weeks. Converted his life savings into terror, the token went it to a free fall in earlier may, hefty selling of the tariff forced its value down the prompted yet more people to dump their holdings of terror, creating a scenario similar to that of a bank run, and that's The main thing you need to know yuri among many many other people, were the victims of a very serious digital bank run.

If you will terrorist crash wiped out most of your savings and his terror. Tokens are now worth less than 500, which is a brutal, brutal, brutal loss, calling the lost amount colossal yuri said he stopped sleeping and lost almost nine pounds. I often have headaches and anxiety. My wife still doesn't know about this loss.

I don't know how to tell her to me that was kind of like the gut wrenching statement of not only is your home country getting invaded you attempt to protect your money, you lose it all and now you're carrying around this, like that pit, in your stomach That guilt not even being able to express it with his wife, it's brutal, it's a super sad story, and i want to put this out there just to say hey: this is real money. These are still real people. There are still real events that go on and you have to understand that serious things happen very very serious things happen. So if, like i said at the start, i wanted to share this as a little bit of a cautionary tale that a lot of these things stable coins that are pitched as the next best thing.

Even then, you still need a bit of the diversification because you never know what's going to happen.