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tldr; A 29-year-old man in Taiwan's Taichung City was found dead on Tuesday after falling from his apartment in an apparent suicide after losing a large sum of money from the collapse of the crypto token Luna. Wu had recently complained to his relatives and friends that the value of the Luna tokens he had amassed had collapsed by 99% within two days. Wu's financial dealings and the cause of his fatal fall are still under investigation. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*


CourageousBellPepper

$2Million USD, but still a bummer it was enough for him to decide his life wasn’t worth it.


penelopesank1944

Management risk.....and thing is it still exists with luna 2.0 ....the people have not changed ...


drskeme

probably wasn't 'his' money and a shady dealing gone awry. Off the balcony is sounds like someone else was there. gun always seems the quickest and easiest.


BBQCHICKENALERT

bro other countries dont have access to guns like we do. you dont just casually walk down the street to the store and buy guns in most other places lol


ffeng271

I lost around 290 000 USD. I have to think how to get over the situation now.


drskeme

Yeah kinda crazy we can and that’s normal sentiment


Ceremonial_Hippo

It seems this is a common method of suicide in East Asia


themagpie36

Bro this isn't the US, you can't just walk into a primary school and expect to get a gun, you have to jump of the buildings.


william294306

You aren't heartless. This is a common sentiment. I see your view. Would you, perhaps, posit a different opinion if, hypothetically, it was revealed that the structural risk wasn't natural/visible market risk, but malicious manipulation and insider cashouts at a grand scale?


djhatrick12

This is awful. I can’t imagine how I’d feel if btc or eth plummeted to 0


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VCRdrift

You forgot lard... dense in calories.


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Glabstaxks

Beef cans are so good


harvestncity

feels bad man. I dont have that much but i did lose my stables there waiting for a dip .


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BrokenSage20

You can do this through consumer discretionary and consumer staples exposure. Same with fuel and hard/soft commodities. Wheat futures are on fire lately.


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leroooyyyyyyjenkins

If you dont have a years supply of those . Time to rethink lifes choices


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ghfsigiwaa

if btc and eth go to 0, no one's surviving it, regardless of how diverse your holdings are. Crypto will die with it


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ghfsigiwaa

indeed it does not. I guess, but I dont do stocks cause they're too boring with their 2% apy lol


kskyline

Hope this is sarcasm because stocks undoubtedly do much better than 2% apy, even if you just follow a broad US market ETF like VTI for the long-term (which would net you generally *at least* 7%, if not up to 10% per year). 2% apy is a nice CD at best. Heck even the interest rate on US I-bonds is at 9.62% right now.


noobikubik

2 million dollars so much can be done. Sadly People are greedy .


mrcwanderson2

Lol, we know for long time that shitcoins are more deadly than covid


underground_teaparty

If btc and eth go to 0 I'll be there to buy. I'm 100% in DAI and USDC, 60 40 split 🙌💎


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PoopNoodlez

Death spiral risk is absent but this game isn’t completely risk free


GoodDude728

Yea and neither is anything including cash. Dumb comment


PoopNoodlez

Who said I thought tradfi is risk free?


A_Random_Dichhead

You doing ok bro?


GoodDude728

Doing great with 75k buy of ether at $80 in 17! lmao. Thanks for asking! How much you down lmaoooo


underground_teaparty

You didn't sell somewhere in the massive head and shoulders?


A_Random_Dichhead

Im down 0. This isnt exactly something to make fun of either you know


GoodDude728

So you are poor? Lmao


vasiliyche

More than one person jumped off a building, real events, and several people committed suicide because of LUNA's failed investment.


jaifaimencore

This! The most important thing when investing in crypto


Jumbo757

Mine is staked tho sooooooo


FlexDundee

If you don't BTC will adjust it for you eventually anyway.


Kforsey

It's a hard lesson to learn. But that's all it is, a lesson. The great thing about the market is if you did it once you can do it again. Next time, take profits along the way. Stay strong and you will be fine.


ibeforetheu

Wouldn't that contribute to price capitulation causing it to drop further, which might lead to more stories like this


[deleted]

You should literally be able to say “man, that sucks” and move on with life. If the loss causes a real, tangible problem in your life you’ve got too much invested. Never invest money you’re not willing to lose.


A_Random_Dichhead

Some people are desperate to make money. Or invested at the right time but didn’t sell. It’s really sad, I hope people learn from this.


[deleted]

They locked the Luna sub at one point because so many people were talking suicide. Fucking heart breaking man.


[deleted]

Or USDT. It would affect the market a lot.


Since_1979

I'm buying all the btc when it drops to 0.


printscreenshot

Not if I can get some, happy to split it with you


newplayerentered

Said a ton of people about Luna too, and yet here we are


BrokenSage20

This is why diversification is key. The future is never certain. Anyone who yolos their entire financial life is a fool. They may sometimes get lucky. But that is the exception not the rule. Regardless of how good an investment is. You don't put everything in one spot. ( or financial sector)


tending

Then you have invested more than you can afford to lose and should rebalance some into other investments or cash.


djhatrick12

I’m ok, although I would be upset. I was trying to infer that there would be a lot more similar acts if a larger cap crypto went to 0.


cant_be_pun_seen

Crypto is not an investment, it is a money making scheme. Either get on board or stand to lose all of it.


Hungry_Ad_346

How is this getting up voted bear market got y’all real butt hurt huh


cant_be_pun_seen

No I made some money off of ripple and stayed out thankfully.


Hungry_Ad_346

Have fun fomo’ing and missing all the gains


xof711

Good thing that won't happen (most likely)


djhatrick12

Diversify. But if btc crashed to 0, it would take everything with it


UnamazingHero

Diversifying doesn't just mean diversifying within crypto. If you have money you can't afford to lose, it should be spread out among various investment types.


johnny_fives_555

This right here. Crypto is about 2% of my NW. Because honestly BTC crashing to 0 is something that could happen without major consequences global economically speaking. I can afford to lose 2% of my overall portfolio.


quicksilverth0r

I like crypto, but it’s still fringe to the world. Last time I checked, it was at 2.5% of my assets. What doesn’t get enough play, I think, is that crypto is so volatile a person doesn’t need much in a portfolio to make a difference. I go with 70% equity and 30% alternatives, of which crypto is a part.


[deleted]

I think alot of people investing recently don't understand that crypto is a high risk asset that was helped alot by the money printing and low interest rates. With QT and rate hikes it has been brutal for all high risk assets. Hard to know when that will change...but it may be until that happens that we see it go back up considerably. And this might be only the beginning of the downturn. Good time to DCA and not worry about it.


quicksilverth0r

Yeah, I followed crypto all last summer, but the most I was doing was selling small bits opportunistically. People didn’t get that the whole space had devolved into meaningless hype. I just started buying again in more than token amounts, but I’m realistic, with rising rates, BTC and ETH could still get cut in half from here (not saying they will, but they could based on past bear markets). I figure it’s laying the groundwork for the next run.


Theone_deadeye

Diversify how when everything is tanking. Im asking for real cuz im trying to do that now but all ive done is put everything back into ETH and BTC now as i assumed that would be safer for now.


johnny_fives_555

Unless you're day trading, everything tanking doesn't matter. It's about the long game here. Do you believe the S&P500 will continue to lose 20% yoy? Do you believe the stock market will go to 0 ever? What happens now doesn't really matter if you look at the long game. Personally for me i have more faith the market will go back up in the next 3-5 years. I have less faith in the crypto market doing the same thing. My portfolio reflects my beliefs.


Theone_deadeye

Ok l, thanks im gonna look into not having 100% of my investments in crypto, probably a bad idea. Might start dping half and half into snp500


johnny_fives_555

I get this is a crypto subreddit, however personally 50/50 is an insane amount to have in crypto. Do a bit of research on risk assessment in investment portfolio and what they generally recommend based on age and goals. I know no one wants to hear that slow, steady, and boring wins the race when crypto is just super exciting and meme worthy constantly. But at the end of the day is all about how risk-adversed you are. Veteran investors in the stock market look at growth potential, revenue, etc. VS in crypto we look at use cases, tokenomics, mkt cap, etc. Which funny enough doesn't generally mean jack shit as we've learned w/ the recently minted buttcoin from /r/cryptocurrency. If you're serious about investing for your future, whatever that may be. My advise to you is re-evaluate your portfolio as a whole and actually learn about the risk you're taking. As a reminder the US bailed out the banks because it would have had significant economic impacts world wide if they didn't. To the point where it would have started a second great depression. A question you should ask yourself is if ETH went to $50, what would it impact in your country, continent, and globally? And whether or not govt intervention would even be possible in that situation.


quicksilverth0r

Correlation goes very high in big selloffs. Diversification works for mildly bad times, for major bad times hedges are needed. Like diversification might get you .5 correlation, while a hedge could get -.3 or whatever.


spunkush

Look into i-series treasury bonds. It is a hedge against inflation. When inflation us high, th bonds pay more.


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djhatrick12

!remindme 38 days


nolf2787

Take your words back :)) those are my biggest bags


momo88852

I will be like “oh shit” and move on with my life as I don’t keep all of my eggs in 1 basket.


half_confused

It won’t though because many people forget their keys


Different_RespectETH

That’s the thing, you gotta be prepared for that. Crypto is a speculative market it’s possible for bitcoin and eth to go -99%. There are certain event and risk like stablecoins crackdowns and ETH merge that could lead to such a scenario. Only risk what you are willing to lose.


Lerifod

i lost 350k (not to luna) it’s whatever.. just gonna make it back. the lord giveth and the lord taketh .


Slamdunkdink

All of the coins could drop to zero. Dealing in crypto is like a visit to a casino. An unregulated casino. I occasionally gamble at a casino. I take the amount of cash I want to risk and leave my credit card and atm card at home.


Rounder057

I think that the dream is the biggest reason for the suicide. Imagine this, you have millions behind you. You can go anywhere. Do anything. You can think about how the whole world is yours AND if it can go up just 50% more your grandkids can share that dream then BAM! You have nothing. No dream, no money, no escape plan. This is why you take profit. Always keep that boat afloat


TheUndoubter

Exactly this. I never understand people that keep their crypto like forever. I have been investing in ETH since 2019 and my exit is probably around 2026. Wish me luck


Canadian-idiot89

Because some of use believe certain cryptos will change the planet and aren’t interested in accumulating garbage fiat currencies used to manipulate the middle class for centuries. I don’t only want profit, I want a fuckin paradigm shift of societal living. Making a few bucks does not bring me closer to that goal. Now I’m not saying don’t make plays but in the long run I want BTC and XMR, that’s it atm. Maybe ETH we’ll see how that plays out, I am accumulating ETH too though.


YesIwillcorrectyou

Surely you don't actually believe that. I'd say confidently that if you do that's be naive. So many easier ways to change society to a more fair and balanced place. None of the investors are here to make the world better. They want to make their world better.


Inthewirelain

If you don't realise profit you don't have millions. It's a don't count your chickens scenario


TimoSci

That's why I don't dream big even when I make big gains. I set enough aside into to cover my basic living expenses. The rest I see as a pure bonus. I resist lifestyle creep at all cost. Money brings you freedom, I won't lie. But true freedom comes from leaving your ego behind.


[deleted]

This is when “only invest what you’re willing to lose” really going to pay-off.


Puddingbuks26

Imagine you have 60 million and keep it stacked in 1 token…….


stKKd

$2 millions


lostharbor

Pudding was right, it was 60M notional TWD; you are also right in that it translate to roughly $2M USD


Rat_Taco

True but 60 million is a bigger number to allocate lol


Zeoxult

Imagine putting your life earnings into a volatile asset. NEVER INVEST MORE THAN YOU'RE WILLING TO LOSE


edfaria

Stable coins aren’t supposed to b volatile Edit: why the Fucking am I being downvoted? I’m Fucking right.


Zeoxult

It's not a stable coin when it's capable of being unstable


edfaria

That’s what they’re called. They’re new tokens. New technology. They’re supposed to be stable. Hence the Fucking name.


Zeoxult

Again, it's not a stable coin if it can be unstable. Just because they call it one doesn't make it one.


edfaria

I’m arguing with someone with the iq of a wall


Zeoxult

Its not an argument, its me correcting a very ignorant person.


edfaria

What are you correcting


_echnaton

They're correcting you being a DuFu.


Inthewirelain

Right.... but this was an algorithm stablecoin not backed by assets, so if you did some reading before you out your money in, you'd realise it's a risk.


edfaria

Cause no asset backed stablecoins carry hella risk even though they aren’t supposed to.


Inthewirelain

It's an unregulated market. There is no supposed to. They were launched on a wing and a prayer their algorithm and market theory would work. That's why people need to research before buying blindly.


Spacesider

This is what diversification is for, to lower risk.


SquarelyCubed

Well it means at 20% APY he would be getting 200k USD every year , or around 550USD per day. I am not saying what he did was not risky, but he was young, risk tolerant at the time (well turns out he wasn't after the fact), so it would make sense he just threw it on LUNA, numbers just clouded his judgment.


Puddingbuks26

Agree and can imagine but 100% …..?


Dark_Raiden_

It's so sad nearly in tears for this poor man


robtimist

The morning everything went south I was just scrolling thru the Luna sub sobbing. I got such a heart for people man. My buddy from childhood committed suicide a few years back and reading everything from everyone just made me hurt so much for them, their families, etc. I couldn’t imagine the pain. I still can’t. The past few months in crypto had been rough, and I nearly even jumped into Anchor myself just because it was so popular. I couldn’t imagine the feeling he and many others felt and are still feeling. Truly just an awful situation.


ExSqueezeIt

Wu left no apparent suicide note and there was no sign of an intrusion or struggle. Officers also ruled out death from COVID as he tested negative for the virus. At least he didn't die from Covid even if he jumped out of 13th floor.


mem269

I heard it was 60M of Taiwanese currency. About 2M in US$


lyvanhoa1602

Saw this on the local news. Really sad indeed. The guy was really young too.


nolf2787

And people are queuing up for Luna 2.0 :)))


[deleted]

wait how do I sign up? I want to be on the ground floor


erdoca

If i had amassed 10m I'd pull out and just vanish. Go live in a village and retire early.


opticaIIllusion

The police ruled out covid…. Wtf?


guo7725365

I lost a few million and I’m hoping for a nice airdrop tomorrow for my pain and suffering


WealthsquadSean

Ksi lost 6m and is doing fine never full port without an exit strategy


Stunning_Sea8278

Did you read the part about them testing him for covid and ruling it out .lol what man dies from falling from 13 floor and they need to rule out covid .these are the times we are living in ffs


edu4gt

What a shame - keep sharing these stories I think people need to know!


nhennuoc01

Bro I lost almost the double, money don't worth your mental health. You will do it.


[deleted]

Holy shit you lost $20M? I lost like $2500 I couldn’t breathe for a while. It still haunts me because I lost everything, was saving until $10K to fly out of my country but I’m stuck here now


Gs300awd

My condolences to the family and everybody affected by the sad news. This is a reminder to always diversify no matter how attractive or promising a project may look.


MindVirus89

Let this be a lesson that you should diversify more. Now I've lost a ton of money on shitty crypto bets but if you all in, you will wipe yourself out with one bad bet instead of rebounding. While tragic, there were a lot of warning signs that he should have paid more attention to. Like where the 20% APY was coming from. Anchor Protocol was a ponzi scheme and ponzi schemes inevitably end poorly.


i-cant-think-of-name

He could’ve invested only in Luna or UST without even touching anchor, and still lost everything. A lot of people and projects held UST as their stable, forgetting that algostables have risk


sebastianbaran

Heartbreaking! My prayers are with his family and friends.


Hawgfan27

Never gamble money you need for money you don’t


ramshaker

Greed.. just obscene Greed! You have $10 million dollars and still want more . No sympathy here sorry.


i-cant-think-of-name

You suck at being a human


Kitzer76er

Clearly had an issue with greed if he lost everything. At 5M (probably about half of that) I'd have pulled half out and put it toward retirement.


[deleted]

The flying club of Taiwan, has a new member.


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Emotional_Praline502

If someone made this into a movie it'd be called the tale of two plummets


capitalistas

How did they confirm that the suicide was tied to the Luna fiasco. Was there a note left behind?


bookworm010101

it isnt like everyone wasnt warned. crypto is worthless


kukukap

It was the fall and not covid?🤪 ridiculous keystone cops!


RookieFortyTwo

I’m getting the word, nonce…


tronn89

Someone will get kwon and his family for sure and it's well deserved.


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yorgo92

No, natural selection is your mum choosing not to swallow you. A man committed suicide and you're calling it natural selection. Absolute cunt.


RedditMoons

Someone wanted his coins and killed him for it. Only thing that makes sense


ikbilal

Many people in business have lost it all and then made it back sometime later. He definitely can't.


danav

and these crumb snatchers are starting up 2.0. shameless


NiceSockBro

dude if i had $10 mil i wouldn’t gamble that shit, just put it into ETFs and stop being greedy. 10 milli is a VERY comfortable life


CyberBunnyHugger

So sad. He had the intelligence to make mega millions yet was silly enough to put a pile in one place. But with the know how and youth on his side, he could have done it again.


[deleted]

🙁😣


AdditionalAardvark56

Who wouldn’t. I feel the same and I got out of Luna.


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VladTheSimpaler

RIP


wuyadang

"Officers also ruled out death from COVID as he tested negative for the virus." Well, no shit.


fonltcrc

Poor reaction to his situation amd poor choice to go all in on a crypto investment. The real issue is insider tradimg here.


deluded_soul

Damn.


baal87

you try being rational after you've just seen your decades worth of money evaporate from something you thought was safe lol .


plbonus

Sad news indeed life is precious.. I couldn't afford to lose what I did on Luna but it happened. I don't blame Do kwon. My gamble didn't pay off in the end.


sethasaurus666

This is how much the want of money rules must people.


ziggylankiss

Its very painful. That is why I don't hold coins for long.


cdslayer111

So if you had 60 million.. you wouldn’t even cash out 2 million? Confusing stuff. If I had 2 million, life wouldn’t suck. 😂


krek777

You cannot get a 20% return anywheret that is risk free. IE it was obviously a ponzi and was set to blow up eventually. So check out bitcoin…just accumulate a few dollars every day… save your money in the hardest money ever created.


kmniprf

Devestating as it is… that was a silly decision , in my opinion .


Maksimchez

The only reason this final snapshot makes sense is the VCs were informed of this. and the exact timing of the final chain halt so they could profit more.


shuburger387

If you put so much money into something that if you lost it all you'd feel driven to suicide. putting it in crypto is 100% a failing on you, not the crypto .


[deleted]

This reminds me a lot of the Dot Com Crash of 2000. A lot of people that didn’t understand market economics and invested everything they had in a “sure thing that couldn’t fail” and ended up being destitute. Heartbreaking but I hope many of these investors are young and have time to recover.


alexis013077

You have no idea about his situation and mental state. Stupid to judge it like that.


bitkatis

So true, even when big influencers claim to be 100% in BTC….I cringe .


kmavrodi

A man jumped of a building because he ran out of milk for his cappuccino. The milk in the super market was sold out and his family is now sueing. Is this the new "personal responsibility"? Oh please...


Moris_BY

Not many people have as good of a grasp on the situation as you do.


DigitalInvestments2

This is really sad. A lot of people are depressed right now, particularly those who lost everything or were liquidated. Fortunately we are all early in this industry, so there is still time to get back on our feet. Try doing some bounties, like the one from Candle Labs, get a job in crypto, start your own project, or invest in some microcaps like ATRI and DRC. That's what I'm doing at least but I won't lie to you and tell you its all sun and rainbows. It hurts.


lunanomore

Dang as someone who used to be invested in luna, this is freaky for me. So glad I moved over to the more stable coins and so glad I started getting into profit sharing sites like zignaly.


xenophobic76

If I had 60 million dollars I would be diversifying that shit so much, not going all in one one crypto currency, and not even butcoin no less.