LOCGame Character Spotlight: REKT
This is the Legend of REKT, the one who lost it all in a market tumble and inspired us to create a card in his honour, and for all the people who have gotten rekted at any point in their crypto journey.
It was at the peak of the 2017 crypto market bull run. The charts were green and life was good. Bitcoin, the apex cryptocurrency was mooning to new all-time highs, and the crypto bros were smiling to and from the bank.
At every corner, there was a new crypto project being released. More and more exciting industry events were hosted with the ultimate goal of pushing for the mass adoption of cryptocurrencies. At these events, the Bitcoin maximalist was present and ever-ready to preach the gospel of bitcoin.
With more money being pumped into the ecosystem by investors like VC Queen, more founders were inspired to launch new promising projects. The general public became more aware of cryptocurrencies, and the media outlets were reporting more stories on bitcoin and other cryptocurrencies. The positive signals were enough to convince newer investors to get in on the hype, and they did.
At a new high of 17k, REKT, a new investor fell hard for the FOMO and decided to go all out. There were some optimistic predictions that the price would go higher to about 25k, so he took out a mortgage and maxed out loans on his properties. With the current market trend, he expected to make a big profit from his investment to repay the loans.
Soon after, following the confirmed reports of several hacks in some exchanges and DAOs, the resulting shockwaves caused the market to tumble from a new all-time high of 20k down to 10k. The altcoins also took a hit, but this investor dismissed this first warning shot, believing that the market would recover in no time. With no intervention from Wallstreet, further regulations from the SEC and the ensuing chaos in the crypto community, the price plummeted further, leaving REKT and several investors wrecked.
At the earliest signs of recovery, REKT hurriedly sold off his assets, bottoming out at less than 70% of his initial investment. He has since learned and moved on from this experience and now invests with more caution.
Since then, REKT has recouped his losses but is still paying off his loans and mortgages. He now owns a diversified portfolio of assets spanning several coins and tokens.
The story of this legend is one that many people can relate to in the crypto community. If you have ever gotten REKTed, you definitely need his card to play the LOCGame. You can buy his card directly from our marketplace.