Indian crypto investor attempts suicide over loss: Report
Reportedly, an Indian citizen was trying to kill himself because he faced a huge loss in crypto investment.
India is a very big country by population, just after China. The crypto sector in India is unregulated. Under the leadership of the Indian finance ministry, India is working to bring a global crypto regulation framework to prohibit the involvement of bad actors away from this innovative sector. As we know that India is a developing country, so here crypto education is also a very big problem.
On 8 April 2023, Local news media reported that a 23-year-old guy was trying to jump off the Vidyasagar Setu, a famous bridge in Kolkata (India).
A cab driver noticed him & he informed the local police station. After that police detained him & succeeded to stop him from suicide.
When police asked the reason why he was trying to kill himself then that guy explained the whole matter and disclosed that he lost Rs. 30 lakhs (approx. $37,500) in crypto investment.
That guy also said that the majority of the fund investment was a loan, including his mother’s pension also. Reportedly he was getting very bad pressure from the loan parties, so finally he decided to commit suicide.
The police & Media report failed to disclose the name or the identity of that guy but noted that lack of crypto education & unregulated crypto investment advertisement was responsible for this incident.
In the present time, India is standing at the first rank in terms of crypto adoption rate. In India, more than 150 million people are holding crypto assets.
Because of the lack of crypto education in India, the majority of the new crypto investors usually fell into crypto fraud/scams easily.
Just a couple of weeks ago, a report from The Indian Express reported that crypto frauds in Bangalore, a high-tech capital city in India known for Information & Technology development, so far surpassed 70 crore rupees (more than $200 million).
Read also: Russia is now 2nd biggest crypto mining hub
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