Renowned YouTuber JJ Olatunji – better known as KSI – tweeted his losses in LUNA after positioning himself with $2.8M, all during the continuous crash of LUNA and UST.
British YouTuber KSI or JJ Olatunji, one of LUNA’s celebrity owners, documented his losses on social media.
On Thursday morning, KSI said that the $2.8 million he put into Do Kwon’s Terra (LUNA) plunged to a new low. That is, less than $1,000 in a single day.
Desensitized but Not Like This
LUNA is a cryptocurrency established in part to maintain the peg of the stablecoin UST. However, it lost its stability and has dropped to just 38 cents since May 9. The LUNA/UST exchange saw losses of more than $10B, emptying all of the holders’ portfolios.
In the case of KSI, he thought he bought the “dip”. Little did he know that LUNA was on the road to $0. He is a YouTuber with roughly 40 million followers on two YouTube channels, shared several of his investing lessons from Terra. He stated as much through his crypto-focused Twitter feed on Wednesday evening.
“I just put $2.8 million in that LUNA buy and it’s worth less than 50k. But that’s ok because I’m not dead. I’ve got my family, friends, and vigorous work ethic, haha.”
A few hours later, he updated his further loss. KSI said he had “no idea” how much money he lost in his LUNA position.
LUNA may still be attractive to a few self-described “LUNatics” who believe the cryptocurrency will recover after the relisting on Binance, but it’s vital to note that the LUNA token has an infinite supply and is experiencing significant hyperinflation at this moment.
Not His First Time Losing in Trades
KSI has previously incurred a six-figure loss trading cryptocurrencies. In January, he said he had lost over $5 million investing in cryptocurrencies in 2021.
He also warned his viewers about the risks of leverage trading. When a trader borrows money or assets to boost the overall quantity traded, he or she is engaging in leverage trading.
While the internet sensation appears to be unconcerned, he already lost at least $7.9 million in crypto investments last year.
He also claimed that he had been so preoccupied with money that he was gradually killing the things that mattered most to him.
The Dangers of Leverage Trading without Analysis
While leverage can help you make bigger profits, it can also lead to bigger losses if the market moves against you.
Another danger of trading cryptocurrencies is that the markets are highly volatile. Prices can move up and down very quickly, making it difficult to predict which way the market will go. This can lead to big losses if you are not careful.
Finally, another danger of trading cryptocurrencies is that they are not regulated by any central authority. This means that there is no one to protect you if something goes wrong. If you lose money in a trade, there is no one to complain to or get your money back. You should be very careful before investing any money in cryptocurrencies.
