Cryptocurrency crash costs Kuwaiti man $2.5 million

The unpredictable nature of Cryptocurrency came to fore one again on Wednesday after a Kuwaiti investor lost $2.5 million as the virtual currency took a plunge.

A large number of Kuwaitis lost a major chunk of their investment as the cryptocurrency Luna went into free fall. Many of them lost at least a quarter value of their investment. Considerable number of people had directed bank loans as investments in the virtual currency.

The man identified as Abu Ahmed said he invested $2.5 million in cryptocurrency, which took a major plunge.

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“The currency collapsed and I received $275 only,” Ahmed was quoted as saying by Al Rai news paper.

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