A bitcoin trader in India’s Gujarat State has been pushed to suicide after incurring losses in a cryptocurrency investment he made on behalf of a senior police officer.
According to Ahmedabad Mirror, the Bharat Patel hanged himself early Sunday. This was after Chirag Savani, a deputy superintendent of police, and his elder brother, Harnish Savani (AKA Montu) pressured him to compensate them for losses they incurred after investing in bitcoin.
In a suicide note, Patel explained that he had invested money belonging to the two brothers in bitcoin. Allegedly the senior police officer had invested an amount worth five bitcoins at an unspecified time. But following a decline in the price, the two brothers now wanted a little over 11 bitcoins as compensation:
- “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.”
SENIOR COP WAS DEMANDING A LEG AND AN ARM
Patel did not disclose the exact time the investment was made. But the brothers’ demands could suggest that the investment was made when prices were higher than now. The two brothers are seeking more than double the bitcoins they had invested in as compensation.
At the current prices, the 11.575 bitcoins that the two brothers are demanding are worth around $92,000.
Per Patel’s wife, Usha, the bitcoin trader had tried to convince the two brothers to accept payment in installments. However, they insisted on a lump sum payment. The two brothers were also demanding that interest be paid on the principal amount that they had invested. The suicide note did not reveal the rate.
SUICIDES IN THE BITCOIN SPACE
After crypto prices plunged last year following a bull run, suicide became a concern in the cryptocurrency sector. So much so that on Reddit, threads offering information for those at risk popped up.
This is not surprising given that following market crashes in traditional financial markets, suicides tend to rise. Research conducted by The Open University following the global financial crisis a decade ago has borne this out. Data compiled by the institution during the 2008-09 period indicates that 6,566 suicides were linked to the market crash.
Stock market crashes linked to higher rates of suicide – new research https://t.co/TLEl5NHXtt
— The Conversation (@ConversationUK) September 13, 2018
Per CareerAddict stockbrokers, who face circumstances similar to crypto traders, rank among the 10 professionals facing high risks of suicide.