Terra victims’ statements reveal scale of tragedy behind the numbers

administrator — May 23, 2022 54 comments

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@FatManTerra recently tweeted details of statements given by Anchor victims.

Anchor Protocol is Terra’s lending borrowing platform that aims to produce a simple and safe savings product for mass adoption. When the UST stablecoin lost its peg price, $31 billion evaporated from the Terra ecosystem.

@FatManTerra said the numbers don’t paint a complete picture of “the scale of tragedy” impacting those who fell victim to the disaster.

🧵 I just spent two hours going through 109 Anchor victim impact statements, and my heart is incredibly full. Numbers and charts make it hard to quantify the scale of the tragedy that happened this week. I don’t think any words can do it justice, either. Here’s some more data. 🧵 pic.twitter.com/hxHsE6Bl2M

— FatMan (@FatManTerra) May 21, 2022

The qualitative accounts of Terra victims

One victim, a Ukrainian national, spoke of believing in Terra, more so given that cash, under his circumstances, wasn’t safe to keep. He felt confident enough to put his and his family’s life savings into the ecosystem, only for disaster to strike.

“I am not a speculator, I just wanted to save money. it was not only my money, but my family’s money accumulated over the years.”

He had already lost his apartment in Donetsk and most of his savings when a local bank declared bankruptcy. But the Terra implosion was the most significant loss, and he doesn’t know if he will survive.

Another, who described herself as a single mom with two young children, said her Terra funds were her safety net. With the money gone, she now feels “completely insecure and afraid” for her future.

“Since losing it I feel completely insecure and afraid. I find myself waking up in the middle of the night feeling panicked about the uncertainty of my financial future.”

She’s now constantly filled with worry and feelings of “shame, guilt, and embarrassment.” The money was intended to provide stability for her family.

The survey data is in

Along with statements, Anchor victims also had the option of completing a survey. The results of which further communicate the impact of the Terra implosion.

92% of victims said their finances have been severely impacted, and 87% suffered mental health problems due to the crisis.

Almost half (47%) report the incident causing friction with family. While 91% said their sleep has been negatively affected, with some reporting no sleep for three days before finding the research program.

“A few people have told me they hadn’t slept for 3 days before they found us.“

More alarmingly, @FatManTerra noted that 41% had considered self-harm or even suicide at some point.

Victims, on average, spent five years building up the savings which were lost, with two respondents saying they lost 20 years’ worth of savings.

“The average number of years that people spent building up the savings that they lost is 5 years. The median is 3 years. Two people have lost 20 years of their savings.“

@FatManTerra ended the tweetstorm, saying lives have been ruined. Being kind is a small thing to do to help the healing process.

Posted In: Terra, Culture