People who put their life savings into cryptocurrencies face losing their homes after a massive and sudden crash in their value.
More than $200billion has been wiped off the cryptocurrency market today alone, as investors are sent into a panic.
Ethereum, the world’s second largest digital currency plummeted by 20% in the space of 24 hours.
Bitcoin, the original cryptocurrency started in 2009, dropped by 9%, but overall it is down 50% since its all time high in November.
Chaos on the market has seen other currencies such as Shiba Inu and Dogecoin losing 30% and 25%, respectively.
Meanwhile Terra Luna, which was among the top 10 most valuable cryptocurrencies had 98% of its value wiped out overnight, falling to below one dollar per coin.
Its Reddit page had a suicide hotline pinned to it, as users of the site shared their devastating losses.
One member wrote: ‘I lost all my life savings. Had bought Luna at $85, not sure what to do.’
Another said they’d lost $15,000 (£12,3000) after failing to sell their holdings when Terra Luna was trading above $100 last month.
They wrote: ‘I should’ve cashed out when it was $100, then I would have been up $25,000.
‘But I got greedy hoping to get more money so I can at least afford a downpayment for a house for my family. I guess no house and savings then.’
Another member of the r/terraluna subreddit wrote: ‘I lost over $450,000, I cannot pay the bank. I will lose my home soon. I’ll become homeless.’
At one point, leading crypto exchange Binance temporarily suspended withdrawals on the currency, preventing people from selling.
The Cayman Islands-based exchange said this was due to ‘high volume of pending withdrawal transactions… caused by network slowness and congestion’.
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