College Student Commits Suicide After Losing Money On Cryptocurrency

College Student Commits Suicide After Losing Money On Cryptocurrency

South Korea has the second-highest suicide rate in the world.

A depressive college student was found dead in his apartment in Korea. He committed suicide after losing a lot of money due to the crash in cryptocurrency prices.

The 20 year-old had reportedly been suffering from depression and was prescribed medication for his frequent insomnia.

His mother found him lying on his bed with a plastic compression pack tied around his head in the early morning.

She also found a 13L gas tank of helium in the room. Police said that he had been attending a high-ranked college as a second-year student.

But the sophomore had taken a leave of absence from his university and had been working as a social worker in Busan since October 2017.

Student commits suicide, family suspects failed investment in cryptocurrency

student commits suicide

After investigation by his friends and family, they came to the conclusion that he chose to end his life after a failed investment in cryptocurrency.

He had invested ₩200 million KRW (or US$186,000) in cryptocurrencies. But when the Korean government cracked down on cryptocurrency trading in the country, prices fell over 50% from its peak.

While Bitcoin’s value rose to a high of over US$19,000 in December 2017, it has since fallen to a low of US$6,567 at the time of writing.

However, this is just a speculation for the reason of his death by his friends and family. The Korean police have also added that “they will investigate whether there is a reason for his death in addition to virtual money”.

Many netizens have taken to popular forum website, Reddit, to voice out their opinions.

student commits suicide

Most believe that while the dip in cryptocurrency was just a trigger; there were many other underlying problems.

student commits suicide

Suicide in South Korea

The country has the second-highest suicide rate in the world according to the World Health Organisation. On average, men have a suicide rate that is twice as high as women.

Though the highest number of suicides in Korea comes from the elderly, college students have a higher than average suicide rate.

On 18 December 2017, Kim Jonghyun, the main vocalist of South Korean group Shinee, committed suicide. Paramedics found him unconscious in his studio.

They also found a suicide note. He had written stuff like, "I am broken inside" and "I hate myself," which indicates that he had suffered from depression for a long time.

If you or a loved one is struggling with suicidal thoughts, call a suicide prevention helpline:



What do you think of this tragic story? Leave us a comment below. 

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Written by

Sarah Voon