Posted in: Tattle, Technology

Ukrainian man loses life savings in ‘stablecoin’ crypto slump

Yuri Popovich invested in the supposedly safe cryptocurrency to protect against risks of the invasion

A Ukrainian man who converted almost all his family’s money into the crypto “stablecoin” terra in April in an effort to protect against the risks of invasion or currency collapse has lost almost $10,000 (£8,000) after its sudden demise.

“It was impossible and unsafe to store funds in the form of banknotes,” said Yuri Popovich, who lives in Kyiv. Cryptocurrencies advertised as safe and “backed with fiat currency” suggested another option.

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