In South Korea, a tough situation is brewing. The level of anxiety and stress among investors is rising. In certain situations, this results in a dreadful situation.
The suicide of a young crypto-investor, who committed suicide after losing $180,000, was reported on April 24. The victim was a 20-year-old woman. He lived in Gangwon Province, in the town of Kannyn.
According to the parents, their son complained that an investment loss had caused him to lose his peace and sleep. Police were able to determine that the loss totaled $180,000. However, no information about the asset in question has been published.
Unfortunately, this isn’t the only effort by crypto-investors in South Korea to settle old scores with life. Many cryptocurrency assets have been delisted by the country’s exchanges in the last two months. Losses were incurred by investors.
The situation in 2021 is close to the cryptowinter of 2018, when a drop in bitcoin’s price and a rash of ICO scams resulted in a string of suicides. It was also about young people who were on average 20 years old at the time.
However, there will be a significant gap in 2021, which the South Korean authorities are worried about. During the current bull market, the number of investors aged 20 to 30, who are the most vulnerable, has increased in the country.
Cryptocurrency trading is the sole source of income for many young men. High unemployment, rising property prices, and other economic indicators are all contributing to this.
That is, in reality, why investors experience such high levels of anxiety. The number of people who have lost their lives is staggering. As a result, the nation has a dedicated hotline. Its workers can assist in getting people out of the pit into which they have fallen as a result of the financial crisis.
Let’s hope that the authorities are more rational and do not throw any more investors into the cryptocurrency market. In South Korea, the cryptocurrency industry is in desperate need of a breath of fresh air!