Crypto’s TerraUSD Crashes In Lake Ponzi

Folks, if an investment scheme quacks, waddles & flies like a duck named “Ponzi” don’t buy in like those victimized by the “TerraUSD Crash [that] Led to Vanished Savings, Shattered Dreams.”

While unlike a true Ponzi Scheme, TerraUSD was legal. Yet, as the WSJ noted, many “investors got swept up in the mania for the high-yielding stable coin thought to be safe.” Like a Ponzi Scheme, it wasn’t. TerraUSD may have been touted as a “blue-chip cryptocurrency” that grew in value to $18 BILLION & perhaps it was an ace in the early going. But, “its investors are now reeling from painful losses & asking if it was all a get-rich-quick scheme” after it collapsed earlier this month.

A Massachusetts surgeon, we’re told, lost his family’s nest egg and a young Ukrainian “considered suicide after losing 90% of his savings … [while] … other investors have given up dreams of starting new businesses or quitting their day jobs.” Bottom line: “The coin’s sudden downfall is a reminder that crypto – which enjoyed a huge bull market last year – is often little more than a casino, with weak regulation and few means of recourse for the losers.”

Davd Soul