Bitcoin trader from India’s Gujarat State took his own life after he lost his investment that he made on behalf of a senior police officer, according to the latest cryptocurrency news coming from India.
According to the reports, Bharat Patel hanged himself on Sunday after the deputy superintendent of police Chirag Savani and his elder brother Harnish Savani pressured him to compensate them the losses they incurred after they put all of their money in Bitcoin. In the suicide note, Patel pointed out that he invested money that belonged to the brothers in Bitcoin.
The senior police officer invested previously a huge amount of bitcoin but when the price declined, the two brothers wanted more than they initially invested. An excerpt from his note says:
“DySP [Deputy Superintendent of Police] had come to my house to invest in five bitcoins. After incurring a loss due to slide in their value, Chirag and his brother Montu were demanding 11.575 bitcoins. I am distraught due to the recovery they are claiming. My life is not worth living. DySP Chirag Savani came to my house and threatened me to return the amount they had invested. I have been forced to commit suicide. The two brothers are responsible for my act.”
The brothers demanded more than double of the bitcoin they invested as compensation. At the current prices, 11 bitcoin is worth about $92,000. According to Patel’s wife Usha, the bitcoin trader from India tried to reason with the brothers and make them accept the payment in installments. However, they wanted cash. Both of the brothers were demanding interest on the payment but the suicide note did not reveal the rate.
After the slump of the crypto prices, the suicide rate became a huge issue in the sector. There has been a number of deaths related to suicide after losing an investment made in bitcoin. This is not surprising since this happens in the traditional financial markets as well. Suicides tend to grow when the market crashes. According to research that we read in the best cryptocurrency news sites, about 6,000 suicides are linked to the market crash especially the one ten years ago.
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