A second-year B.Com student from the Indian city Lucknow reportedly hanged himself after losing a bitcoin investment worth ₹3.5 lahks ($4,200).

The local police assured they will investigate the tragic event once the victim’s family filed a complaint. 

Depression and Then Suicide

According to coverage by Hindustan Times, the boy distributed the sum through an online crypto investment company which he previously found while using Telegram. The firm promised high returns, and the student transferred over $4,200 in bitcoin.

However, he did not receive any yield on his investment. When he asked for his funds back, the organization’s representative he was in touch with stopped answering his calls and ceased all types of communication. The victim felt depressed after the alleged fraud, which provoked him to take the “extreme step” of ending his life.

Police officer Santosh Kumar Arya said the initial investigation showed that the investment company was “genuine.” He added that law enforcement agencies will adequately investigate the case if the boy’s family filed a complaint. Arya also confirmed that the death was a result of suicide, as the student used a piece of cloth to hang himself.

“The body was sent for post-mortem. Its report confirmed death due to suicide… According to the preliminary investigation, the boy hanged himself after losing money.”

The Devastating Events in 2022 Which Caused Suicides

Losing money is never easy to deal with, but it could be extremely hard when the sum is into the millions or represents someone’s entire savings. The infamous crash of Terra in May last year resulted in some people taking their lives due to depression from the severe losses. 

A Taiwanese man reportedly jumped from his apartment on the 13th floor after parting with nearly $2 million. He previously invested the funds in LUNA – the native token of Terraform Labs, which plunged to virtually zero in a matter of days last spring.

Daily Mail also informed about people who experienced mental problems and contemplated taking their lives in the days after the collapse. One such person, whose identity was not revealed and who survived a suicide attempt years ago, advised victims to stay strong and be surrounded by their loved ones during the tough times.

“Whatever it is you’re going through, like everything else in life that ever was, shall pass. A brighter day will come, and you will be surprised how life will open its doors back up for you when you allow it to,” he added.

The FTX demise also resulted in millions of investors who saw their funds vaporizing in a few days. A software developer living in East England told iNews that he lost nearly $10,000 from investing through the former crypto giant. 

He managed to overcome the losses but admitted to having friends who were thinking about suicide and who had to deal with health issues after the catastrophe.