In countries with unstable currencies prone to hyperinflation, some people keep their net worth in the form of stablecoins, which are pegged to the U.S. dollar. Unfortunately, many of them bought Terra (LUNA), which wasn't backed by actual U.S. dollars. On March 29 it was trading at $107. Today, it's going for $0.00001154. Now, many people in Argentina, Iran, and Nigeria are wiped out.
Rest of World interviewed several people who lost all their money when Terra crashed:
Muhammad, a 30-year-old from Egypt, said that he learned about Luna from YouTubers who said that it would reach $1,000. He bought 1,000 tokens at $88. One token is now currently worth less than $0.0002. "Now I have nothing," he said.
