A BCom sophomore from Lucknow, India, allegedly committed suicide on Thursday after losing his investment in Bitcoin. According to the Hindustan Times, the victim invested 350,000 rupees (about $4,270) in an online cryptocurrency investment firm that promised high returns. However, he received no return on his investment and was unable to get his money back.
#India Students lost $4,270 #bitcoin investment, suspected suicide @azcoinnews https://t.co/1Pupddj6JD
— Kyptos (@azcoinnews) March 12, 2023
The victim’s family said he found the investment firm while using the social networking app Telegram. They believe the boy was depressed after losing his investment and realized the company had lied to him. This caused him to have extreme thoughts, and he hanged himself in the middle of the night on Thursday.
SHO Santosh Kumar Arya of the Sarojini Nagar Police Station confirmed the suicide and said the autopsy report confirmed the cause of death was hanging. Initial investigation by the police found that the company was genuine. However, if the family lodges a complaint, the matter will be investigated further.
The case sheds light on the growing interest in cryptocurrencies such as bitcoin, which have grown in popularity in recent years. However, it also highlights the risks associated with investing in such digital assets, especially when dealing with unregulated and untrusted companies.
Experts advise potential investors to conduct thorough research and analysis before investing in cryptocurrencies. Also, it is important to understand the risks involved and not invest more than you are willing to lose. This incident is a tragic reminder of the importance of investing responsibly and seeking help when you are experiencing financial difficulties.
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