05 Jun Trader Confesses Cryptocurrency Addiction Led to Criminal Charges, Hospital Treatment
Chances are you have heard of Bitcoin. It was the first cryptocurrency, and it’s still one of the most popular. But, it’s not just Bitcoin that has people hooked, there are dozens of other cryptocurrencies that have popped up in the past few years, and many of them are even more popular.
On January 17th, 2017, in a remarkable show of restraint, a man publicly confessed to the theft of over $1.2 million USD worth of cryptocurrency. His confession was not only unusual, but also brought about a strong reaction from the community. In this article, we will take a look at the details of this case, and how the trader’s addiction to cryptocurrency led to his criminal charges.A British man has shared his story of how his addiction to cryptocurrencies led to criminal charges and a hospital stay for addiction treatment. He lost over $1 million of other people’s money when he tried to match his previous success in cryptocurrency trading.
Crypto addiction is on the rise, one hospital is treating more than 100 crypto addicts
A British man has shared his story of how his addiction to cryptocurrencies turned him into a criminal, reports the BBC. The publication, which calls him Jake, noted Sunday that he is currently being treated at one of the only hospitals in the United Kingdom that treats people obsessed with betting on the value of cryptocurrencies. His identity has not yet been released as he is still being treated in hospital. Jake lost millions of pounds trading cryptocurrencies. He first bought bitcoins in 2015, but his addiction problem only started a few years ago. I can pinpoint the exact moment when it became a problem, he described. The amount I had saved was dwindling, but I had made a deal and was willing to risk the last. He continued: In the end, I got back almost everything I had lost in one transaction. The feeling was one of absolute euphoria. This euphoric feeling, combined with problems in his marriage and personal life, quickly got him hooked on cryptocurrency trading. At the time, he was in a position where he was managing millions of pounds of other people’s money. He soon began trading client money in hopes of matching his previous success in cryptocurrency trading. He shared: The first time I did it, I lost everything in 20 minutes one night. The market moved very fast and I liquidated everything. Jake was prosecuted for embezzlement, but with the help of his family he was able to repay £1.5 million to his employer. He is currently in treatment for his addiction. There are no statistics on how many people are heavily addicted to crypto currency trading. However, Tony Marini, senior consultant at the Bitcoin addiction clinic at Castle Craig Hospital in Peebles, said the number of addicts in Scotland is increasing. In recent years, the clinic has treated more than 100 people for addiction to crypto currency. While some people have lost money trading cryptocurrencies or to cryptocurrency scammers, there are also those who swear that cryptocurrencies have saved them from financial ruin, especially during the coronavirus pandemic. Cameron is an independent musician who was hit hard by the Covid 19 crisis and resulting isolation, the publication said. He said the situation was devastating for him as concerts stopped, schools closed and all sources of income completely disappeared. He decided to invest in cryptocurrencies when the blockchain emerged last March. It’s been a really great year, and the value of these assets has gone up so much that I have no financial worries, at least not in the short term….. It was such a relief. How about people who are addicted to crypto? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.