Indian student loses 4,270 USD in Bitcoin investment, allegedly commits suicide

By 0xGorki 03/12/23 4:44 PM

A second-year BCom student from Lucknow, India, allegedly committed suicide on Thursday after losing his investment in Bitcoin. According to the Hindustan Times, the victim invested ₹3.5 lakh (around 4,270 USD) in an online cryptocurrency investment company that promised high returns. However, he did not receive any return on his investment and was unable to recover his money.

The victim’s family stated that he found the investment company while using the social media app Telegram. They claimed that the boy was depressed after losing his investment and realized that the company had duped him. This led him to take the extreme step of hanging himself from a piece of cloth in the wee hours of Thursday. The victim was a resident of LDA colony under Sarojini Nagar Police station limits.

Santosh Kumar Arya, the SHO of Sarojini Nagar, confirmed the suicide and said that the post-mortem report confirmed death due to hanging. The police conducted a preliminary investigation and found the company to be genuine. However, if the family files a complaint, the matter will be further investigated.

The incident sheds light on the growing interest in cryptocurrencies like Bitcoin, which have 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 conduct thorough research and analysis before investing in cryptocurrencies. Additionally, it is essential to understand the risks involved and not invest more than one can afford to lose. The incident serves as a tragic reminder of the importance of responsible investing and seeking help if experiencing financial distress.