Indian Student Commits Suicide After Becoming A Victim Of A Bitcoin Scam (Report)

A second-year B.Com student from the Indian city of Lucknow reportedly hanged himself after losing a bitcoin investment worth ₹3.5 lahks ($4,200).

The local police assured that they will investigate the tragic event once the victim’s relatives file the complaint.

Depression and then suicide

According coverage Per Hindustan Times, the boy distributed the sum through an online crypto investment company he previously found while using Telegram. The company promised high returns, and the student transferred more than $4,200 in bitcoin.

However, he did not receive any return on his investment. When he requested the return of his funds, the representative of the organization he was in contact with stopped answering his calls and ceased all communication. The victim felt depressed after the alleged fraud, which led him to take the “extreme step” of ending her life.

Police officer Santosh Kumar Arya said the initial investigation showed the investment company to be “genuine.” He added that law enforcement will properly investigate the case if the child’s family files a complaint. Arya also confirmed that the death was the result of suicide, as the student used a piece of cloth to hang himself.

“The body was sent for autopsy. His report confirmed the death by suicide…According to the preliminary investigation, the boy hanged himself after losing money.”

The devastating events in 2022 that caused suicides

Losing money is never easy to handle, but it can be extremely difficult when the sum is in the millions or represents all of someone’s savings. the infamous earthshock in May of last year caused some people to take their lives due to depression caused by severe losses.

A Taiwanese man reportedly leap from his 13th floor apartment after parting with nearly $2 million. Previously, she invested the funds in LUNA, Terraform Labs’ native token, which plummeted to near zero in a matter of days last spring.

daily mail too informed about people who experienced mental problems and contemplated taking their own lives in the days after the collapse. One such person, whose identity was not released and who survived a suicide attempt years ago, advised victims to stay strong and be surrounded by loved ones during difficult times.

“Whatever you are going through, like everything else in life, it will pass. A brighter day will come and you will be amazed at how life will open doors for you when you let it,” she added.

FTX’s demise also resulted in millions of investors seeing their funds evaporate in just a few days. A software developer living in the East of England said iNews who lost nearly $10,000 investing through the former cryptocurrency giant.

He managed to get over the losses but admitted to having friends who were contemplating suicide and having to deal with health problems after the catastrophe.