YouTuber KSI Says He Misplaced $2.8 Million on Terra in One Day

Certainly one of LUNA’s movie star holders is taking to social media to doc his losses.

British YouTuber and rapper JJ Olatunji, extra generally often called KSI, shared Thursday morning that the $2.8 million he invested into Do Kwon’s cratered cryptocurrency, Terra (LUNA), had plummeted to a brand new valuation of lower than $1,000 in a day.

LUNA is a cryptocurrency created partially to assist keep the peg, or steady $1 worth, of Terraform Labs’ algorithmic stablecoin TerraUSD (UST). However UST misplaced stability on Could 9 and has since plummeted to only 38 cents. Due to the connection between UST and LUNA, the latter nosedived from $62 on Could 9 to only 1 cent.

Wednesday night, KSI—who has practically 40 million subscribers throughout two YouTube channels—shared from his crypto-focused Twitter account a number of the issues he’s realized from investing in LUNA.

“I simply put $2.8 million in that LUNA purchase and it’s value lower than 50k. However that’s okay as a result of I’m not useless. I’ve obtained my household, my pals and my vigorous work ethic haha,” KSI wrote.

Roughly 12 hours later, KSI shared an replace on his LUNA losses.

Why did KSI purchase into LUNA’s crash? The reply is unclear, although he mentioned Wednesday that he had plans to hold it long-term.

Whereas LUNA may nonetheless look interesting to the few self-proclaimed “LUNAtics” who suppose the cryptocurrency may rebound, it’s crucial to notice that the LUNA token has a vast provide and is presently affected by extreme hyperinflation.

This isn’t the primary time KSI has misplaced six figures buying and selling cryptocurrency, both. Again in January, he revealed that he misplaced $5.1 million buying and selling crypto in 2021 and advised his viewers in regards to the risks of leverage buying and selling, which is when a dealer borrows cash or property to extend the overall quantity being traded.

“By no means leverage commerce. You don’t win. You by no means win… my crypto expertise has simply been a number of shedding,” he mentioned, earlier than breaking out right into a match of laughter.

Whereas the web star has now misplaced no less than $7.9 million previously 12 months from fumbling crypto trades, he appears to be taking it in stride.

“I had been so targeted on cash that I used to be slowly destroying the issues that had been vital to me,” KSI shared, including that he went to a therapist final 12 months to speak about his life.

KSI followers on Twitter known as the star’s losses “stunning,” “psychological,” and “horrible,” whereas others joined in on the darkish comedy of all of it. When one recommended that KSI is perhaps on the highway to playing habit, KSI had some thoughts.

“Undoubtedly have one lmao, slowly fixing that. Crypto doesn’t assist with my habit,” he mentioned.