SINGAPORE — Many young investors here lost significant chunks of their life savings in a span of days when a popular cryptocurrency went into meltdown. They were left wondering if they could recover the money, or if the authorities could help.
Some were left puzzled at the description of TerraUSD, better known as UST and its affiliated cryptocurrency Luna, as a "stablecoin", which gave them the impression it was perhaps safer than other cryptocurrencies.
One person filed a police report, though TODAY understands that the police are not investigating the matter.
The “concerned citizen”, who wrote on Twitter that the police report was filed, also called the coin a "Ponzi scam" that "became worthless overnight".
