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Indian Bitcoin trader commits suicide over loss

Indian Bitcoin trader commits suicide over loss

  • Bitcoin trader commits suicide after shooting wife and two children.
  • Investors were demanding repayment and threatening.
  • As many as 9 accused in the suicide note.

Local media from the Bhatinda region of the Indian province of Punjab is reporting as many as four lives lost when a Bitcoin trader decided to shoot his wife and two children to death before taking his own life. The suicide note reveals that the trader was facing severe pressure from investors, including a local political leader, over the loss.

The trader was living in a rental space and the shots were heard by the landlady. The landlady immediately called the police who arrived to find the trader commits suicide with two children and his wife dead at the scene.

Trader commits suicide at an ironic turn

This trader commits suicide news is an unfortunate event that occurred right before the Bitcoin price is rallying towards the all-time high make the tragedy even more ironic. While another irony is the fact that a first information report (FIR) was also lodged against the trader owing to the fact that suicide is a criminal offense in India.

The suicide note in this case, however, lead to another FIR against the 9 men accused of threatening the trader. The accused have been booked under Section 306 (abetment of suicide) and 34 (acts done by several persons in furtherance of common intention) of IPC.

On the other hand, reports further reveal that the trader was working in partnership with another trading partner. However, further details on the matter are still unavailable.

The event is not just unfortunate but rather sad given the fact that the cryptocurrency trading industry is among one of the financial boosting areas in the post-COVID-19 world and driving positive change across the globe. However, such isolated events are often due to a lack of compulsory trading knowledge or being a victim of a scam.