A 23-year-old tech professional from Kolkata, India, attempted to commit suicide by jumping off a bridge after losing nearly Rs. 30 lakh (approx. $37,500) in the crypto market. A cab driver who spotted him on the Vidyasagar Setu (bridge) alerted the police about his intentions. Fortunately, the police were able to prevent him from jumping into the river.
When questioned, the man revealed that he had used money from loans, valuables, and even his mother’s pension to invest in cryptocurrencies, resulting in massive losses. He had also been receiving threatening calls from lenders who had given him money, making him feel desperate.
This incident is not unique, as India has reported a high adoption rate of cryptocurrencies, with expected crypto users reaching over 150 million by the end of 2023. However, many Indian investors lack knowledge and information about safe crypto trading, resulting in a high number of fraud cases.
In Bengaluru, India’s largest hub of information technology companies and startups, there were numerous crypto scams in 2022, collectively cheating Rs 70 crore (approx. $8.7 million). It highlights the need for caution and understanding before investing in cryptocurrencies.
The crypto market has been experiencing a prolonged winter, and many investors have faced significant losses. However, studies suggest that investors’ confidence in the asset class and intermediaries remains strong.
It is important to note that investing in cryptocurrencies carries risk, and individuals should only invest money they can afford to lose. Seek proper guidance and information from trusted sources before making any investment decisions.