Cryptocurrency market can enable investors to become rich in a short time, as well as cause them to lose all their savings in a short time with the risk-return ratio. Unfortunately, this brings tragic events with it. Finally, an Indian student allegedly committed suicide after losing $4,270 in Bitcoin investment.
The student who could not get his Bitcoin investment back committed suicide!
cryptocoin.com As we especially emphasize, cryptocurrencies are very volatile and highly risky investment products. Therefore, those who do not have sufficient knowledge and investment experience should stay away. Because, investors who step into the crypto world with the dream of getting rich in a short time can lose all their savings. In addition, in the mostly unregulated sector, there are also a lot of scam trading or investment platforms. As a matter of fact, an incident in India is an indicator of this.
A second-year BCom student from Lucknow, India, allegedly committed suicide on Thursday after losing his investment in Bitcoin. According to Hindustan Times, the victim invested ₹3.5 lakh (approximately 4,270 USD) in an online cryptocurrency investment company promising high returns. However, he did not get the return of his investment, nor did he manage to get his money back.
The victim’s family said they found the investment firm using the social media app Telegram. They claimed that the boy was depressed after losing his investment and realized that the company had deceived him. This caused him to take the extreme step of hanging himself on a piece of cloth in the early hours of Thursday. The victim was a resident of the LDA colony under the borders of Sarojini Nagar Police Station. Santosh Kumar Arya, SHO of Sarojini Nagar, confirmed the suicide and said the autopsy report confirmed death by hanging. The police did a preliminary investigation and found that the company was genuine. But if the family files a complaint, the matter will be further investigated.
Cryptocurrency investors should be careful
The incident highlights the growing interest in cryptocurrencies like Bitcoin, which has gained popularity in recent years. However, it also highlights the risks involved in investing in such digital assets, especially when dealing with unregulated and unreliable companies.
Experts advise potential investors to do extensive research and analysis before investing in cryptocurrencies. In addition, it is important to understand the risks involved and not to invest more than you can afford to lose. The incident is a tragic reminder of the importance of investing responsibly and seeking help when experiencing financial distress.
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