YouTuber-turned-musician KSI has revealed a huge loss in the crypto market as the value of coins plummet
Those that have even the slightest interest in cryptocurrencies and NFTs will know: it has been a difficult few months in the markets, Bitcoin's value is at its lowest since December 2020 and the recent performance of Terra LUNA which fell from a high of $118 last month to $0.09 on Thursday have had many calling this a "cryptocrash".
For those who have had long-term reservations about crypto as an asset, this has given them an "I told you so" moment with many crypto-enthusiasts taking to social to lament their losses.
One such figure is British YouTuber turned boxer turned rapper, Olajide Olayinka Williams Olatunji AKA KSI who, on his crypto-focused Twitter, revealed he lost a huge amount of money investing in the Terra LUNA coin.
KSI Reveals $2.8M Loss In Terra LUNA
In late 2020, at the height of the pandemic, investing in stocks and cryptocurrencies exploded in popularity as stay-at-home workers suddenly realized they had both the time and the money to speculate with. That tidal wave of cash boosted values and, for a time, everyone felt that it had done well; especially in the crypto markets where every type of coin, from Bitcoin to what are known as "meme coins", rocketed in value.
At the forefront of this splurge of investment were gamers and influencers, who, if they weren't actively (and often maliciously) backing a certain coin, were shouting from the rooftops about how much money they were making.
One such influencer was YouTuber/rapper, KSI, who waxed lyrical about his earnings. But it looks like the party is well and truly over as KSI has revealed he lost $2.8M after the Terra LUNA coin crashed in value.
KSI's crypto-focused Twitter told the story of his astonishing loss. On May 10, Terra LUNA's price had dropped to $30, far less than its April 6 high of $120. Sensing an opportunity to capitalize on the "low" price, KSI invested $2.8M. At the time, KSI said: "Call me stupid but I just bought a s*it tonne of $Luna". He later revealed that he bought 100,000 of the coins, admitting it could be the "worst trade" of his life.
Call me stupid but I just bought a shit tonne of $Luna— KSICRYPTO (@ksicrypto) May 10, 2022
However, while KSI hoped that Terra LUNA had bottomed out and would gradually increase in value, over the next three days, the coin's price fell further, turning that $2.8M investment into just $1000. "Man bought the dip and lost," said KSI with an added laughing emoji.
Man bought the dip and lost pic.twitter.com/egkE1ObM6Z— KSICRYPTO (@ksicrypto) May 12, 2022
It also appears that with these losses, KSI's journey with crypto is, if not at an end, paused. In an earlier tweet, KSI lamented the fact that Bitcoin had fallen to $27K, "I am out ladies and gentlemen."
I shall return in a few years for the next bull market. Most money is made in the bear market so be sure to always keep an eye here and there.
Even for a man as rich as KSI, who has an estimated net worth of $25m with interests in property, music, YouTube, and even a drink company with Logan Paul, the $2.8M loss will surely sting. Let's just hope the 300K followers of his KSICrypto account didn't follow suit.