A member of the public reported a man falling from a building on Shicheng Road in Taichung City's Phase 7 redevelopment district about 2 a.m. on Tuesday (May 24).
A man was discovered dead after falling from his flat after losing a significant amount of money owing to the implosion of the cryptocurrency token Terra Luna.
According to NOWnews, Wu Nan, a resident of Taichung's 7th reconstruction district, fell from his high-rise, luxurious residential complex. A security guard working late heard a loud noise and dashed outside to investigate, where he discovered a critically injured man on the ground.
When the police got at the scene, they learned that the man had most likely perished after falling to the first level. Wu Nan occupied the 13th level, according to preliminary research.
Wu did not appear to have left a suicide note, and there were no traces of an incursion or altercation, according to the police report.
Prosecutors learned, after examining Wu's phone, that he had recently bemoaned to his friends and relatives that the value of the Luna tokens he had purchased had decreased by 99 percent in two days.
He added that this made him miserable and cost him a lot of money. He allegedly invested $2 million in Luna tokens, but as the token's value plummeted, he was left with only $1000 in his account. Nonetheless, authorities stated Wu's financial transactions and the cause of his fatal accident were being investigated.
On May 7, the value of the TerraUSD (UST) algorithmic stablecoin fell significantly, and the price fell to 35 cents on May 9. Three days later, the price of LUNA had dropped from $80 to a few cents. The Terra blockchain has been officially paused since May 9th, and UST is no longer tied to the US dollar. Terra's coins lost $40 billion in market value when they collapsed.