Cryptocurrencies have lost more than two trillion dollars in market value. The warning is that there is a risk of losing the entire investment in crypto. New cryptocurrencies are still making significant losses for investors.
Interpol arrested Terralabs owner Won Du Heong for allegedly committing hundreds of billions of crypto fraud in South Korea and the United States.
The South Korean national is behind TerraUSD Stablecoin and Luna. In May 2022, the value of both these cryptocurrencies had plummeted. This crypto exchange alone wiped out nearly $4,000 crore from the crypto market. This has created panic across the crypto market.
Also Read: Hindenburg; Jack Dorsey lost Rs 4,340 crore in a single day
Terralabs was based in Singapore. The value of the most valuable cryptocurrencies, Bitcoin and Ethereum, also plummeted. Cryptocurrencies, which had gained in value on Saturday, faced the decline. Other popular cryptos including altcoins, Dosh Coin and Litecoin fell in price. Meanwhile the Flare Token made the biggest gain. The price increased by more than 6.64 percent in 24 hours. The global crypto market lost 2.46 percent in market value in 24 hours.
While other cryptos have suffered declines, bitcoin is up nearly 70 percent so far this year. There were predictions that Bitcoin would hit new highs this year. It is interesting to note that Bitcoin Me has performed poorly during the banking crisis that the outside world was discussing with the collapse of Silicon Valley Bank. Meanwhile, another crypto hero is caught by Interpol.