It looks like the ongoing Bitcoin recovery has not only brought riches to each and every Bitcoin trader. It has also brought very disturbing results for some of those who might have been shorting BTC, as one of them has now committed suicide! No one would have thought that the things will reach this point in an already troubled background of Bitcoin. With incidents of money laundering and criminal usage now we also have at least one death linked to this space.
The incident is that of Ahmedabad, Gujarat, and the victim is one Bharat Patel who according to an NDTV report committed suicide this Saturday by hanging himself from the ceiling of his residence. He also left behind a suicide note, and here’s what he has written in it:
“There is a huge pressure on me and my brother. I am very disturbed due to bitcoin recovery. Chirag Savani visited my house and threatened me to pay him back the entire bitcoin. I am compelled to commit suicide. And the pressure of the two brothers is responsible for my suicide. My family members have nothing to do with this and they are innocent.”
Now, the Chirag Savani he is talking about in this letter is Deputy Superintendent of Police (DySP) in Ahmedabad. Bharat has claimed in his letter that he used to invest in Bitcoins on behalf of Savani brothers, and possibly he might have taken some short trades. But suddenly the market revived, and he incurred a loss of 5 Bitcoins. After that the Savani brothers (Chirag and Haresh Savani) threatened him and asked him to return their entire investment of 11,575 Bitcoins. An investigation has now been ordered by Deputy Commissioner of Ahmedabad Police, and here’s what he had to say about the incident:
“The suicide note will be sent to the Forensic Science Laboratory for examination, and Ranip police inspector will conduct an investigation based on the FSL report. The handwriting of the suicide note will be examined and the matter will be investigated. Offences will be registered if a case is made out.”
Cryptocurrencies, as we’ve always told you, are a very risky asset class. One should never dip their feet too much in them, and one should also not use the money of others (i.e. leverage) to make bigger trades. Doing otherwise goes completely against the premise of risk management, and the consequences can be very disturbing if things don’t go your way.