A second-year B.Com student from the Indian city of Lucknow reportedly hanged himself after losing 3.5 lakh rupees ($4,200) worth of his bitcoin investments.
Local police have assured that they will investigate the tragic incident once the victim's family makes a report. According to the Hindustan Times, the boy distributed the sum through an online cryptocurrency investment firm he had previously discovered while using Telegram. The company promised high returns, and students transferred more than $4,200 in bitcoin.
However, he didn't get any income from his investment. When he demanded the funds be returned, representatives of the organizations with whom he had been in contact stopped answering his calls and communication of all types. Victim's depression after alleged scam prompted him to take "extreme measures" to end his life
Police Sergeant Santosh Kumar Arya said initial investigations showed the investment firm was "authentic". He added that if the boy's family files a complaint, law enforcement agencies will fully investigate the case. Arya also confirmed the cause of death was suicide, as the student hanged himself with a piece of cloth. "The body was sent for an autopsy. Its report confirmed that it was a suicide... After preliminary investigation, the boy hanged himself after losing money."
Losing money is never easy, but when the amount is in the millions or represents someone's entire savings, it can be very difficult. The infamous Terra crash last May led to some suicides from depression over the severe loss.
A Taiwanese man has reportedly jumped from his 13th-floor apartment after parting with nearly $2 million. He previously invested money in LUNA, Terraform Labs’ native token, which plummeted to almost nothing in a matter of days last spring.
The Daily Mail also reported that some people developed mental problems and contemplated taking their own lives in the days after the collapse. One of them, whose identity has not been revealed and who survived a suicide attempt years ago, advises victims to be strong during tough times and to get through it with loved ones by their side.
"Whatever you're going through, like anything that ever happens in life, will pass. A good day will come and you'll be amazed how life will open up for you if you just let it," he added .
The collapse of FTX also resulted in millions of investors seeing their funds evaporate in a matter of days. A software developer living in the East of England told iNews that he lost nearly $10,000 investing through the former cryptocurrency giant.
He managed to get over the loss, but admits to having friends who are contemplating suicide and having to deal with health issues in the wake of the disaster.
