A 23-year-old professional working for a major tech company in India lost almost Rs. 30 lakh (approximately $37,500) in the cryptocurrency market and attempted to commit suicide by jumping off a river bridge in Kolkata.
Thankfully, a cab driver spotted the young man on the Vidyasagar Setu (bridge) and alerted nearby police, who prevented him from jumping into the river. The youth’s name has not been disclosed.
Invested Borrowed Money in Crypto
According to media reports, the police discovered that he had used loans, valuables, and even his mother’s pension to invest in cryptocurrencies and suffered significant losses. The young man had received threatening calls from individuals he owed money to in recent weeks, and he ultimately decided to commit suicide by going to the famous bridge.
This is the fourth time the police have intervened to prevent suicides from jumping off the bridge, with two successful rescues, according to the authorities.
Growing Crypto Adoption in India
India has a high adoption rate of cryptocurrencies and is expected to reach 150 million crypto users by 2023. HedgewithCrypto reports that India ranks seventh in crypto adoption, with Australia, the US, and Brazil taking the top three spots, respectively.
The crypto market has seen almost $2 trillion in value loss since its all-time peak in November 2021, leaving investors worldwide disheartened. Several of the largest firms globally have also failed in the past year, negatively impacting crypto investors.
Despite the extended period of a crypto bear market, research shows that investor confidence in digital assets and intermediaries remains high.
Lack of Investment Knowledge among Indian Investors
However, Indian investors appear to lack knowledge and awareness of safe crypto trading, resulting in a large number of fraud cases. Bengaluru, India’s largest hub of information technology companies and startups, experienced a series of crypto scams in 2022 that defrauded about Rs 70 crore (around $8.7 million).
CryptoPotato recently reported that a B.Com student from Lucknow committed suicide after losing $4,200 in a Bitcoin scam.