Home Cryptocurrency News Trader Confesses Cryptocurrency Addiction Led to Criminal Charges, Hospital Treatment – Featured Bitcoin News

Trader Confesses Cryptocurrency Addiction Led to Criminal Charges, Hospital Treatment – Featured Bitcoin News

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A British man has shared his story of how his cryptocurrency dependancy has led to legal expenses and landed him in a hospital for dependancy remedy. He misplaced greater than one million {dollars} of different folks’s cash making an attempt to duplicate his earlier success in cryptocurrency buying and selling.

Crypto Habit on the Rise, One Hospital Is Treating Over 100 Crypto Addicts

A British man has shared his story of how his cryptocurrency dependancy turned him right into a legal, the BBC reported. Referring to him as Jake, the publication famous Sunday that he’s at present in remedy at one of many solely hospitals within the U.Ok. that treats folks obsessive about playing on the worth of cryptocurrencies. His identification isn’t disclosed because of him nonetheless being handled on the hospital.

Jake misplaced tens of millions of kilos buying and selling cryptocurrencies. He first purchased bitcoin in 2015 however his dependancy drawback solely began a few years in the past. “I can pinpoint the precise second it turned an issue,” he described. “I had been eroding the sum I put apart, however I entered a commerce, and I used to be keen to danger that final quantity I had.” He continued:

I ended up making again just about every part I misplaced in a single commerce. The sensation was one in every of absolute euphoria.

This euphoric feeling coupled with issues in his marriage and private life rapidly turned him right into a crypto buying and selling addict.

On the time, he was working at a job the place was in control of tens of millions of kilos of different folks’s cash. He quickly started buying and selling with shoppers’ cash hoping to duplicate his earlier cryptocurrency buying and selling success. He shared: “The primary time I took it, I misplaced all of it in about 20 minutes one evening. The market moved very quickly and I liquidated every part.”

Jake confronted legal expenses for embezzlement however was in a position to pay his employer again 1.5 million kilos with the assistance of his household. He’s now in remedy for his dependancy.

There aren’t any stats on the variety of folks with a extreme dependancy to cryptocurrency buying and selling. Nonetheless, Tony Marini, the lead counselor on the bitcoin dependancy clinic at Fortress Craig hospital in Peebles, mentioned they’re seeing an growing variety of addicted people in Scotland. Up to now few years, the clinic has handled over 100 folks for cryptocurrency addictions.

Whereas there are individuals who have misplaced cash buying and selling cryptocurrencies or to crypto scams, there are additionally those that vow that cryptocurrency has saved them from monetary break, significantly through the coronavirus pandemic.

Cameron is a contract musician who has been severely damage by the Covid-19 disaster and the next lockdown, the publication conveyed. He mentioned the scenario was “devastating” for him as “Gigs got here to an finish, colleges closed, all my sources of earnings fully vanished.” He determined to put money into cryptocurrency when the lockdown hit in March final 12 months. “It’s been a extremely nice 12 months of those property growing in worth to the purpose the place, not less than for the short-term, I’m not going to have any monetary worries … It’s been such a reduction.”

What do you concentrate on folks with crypto dependancy? Tell us within the feedback part under.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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