These devastating stories were hand-picked from the chambers of sadness to make you cry your eyes out. The stories of these individuals and what they had to face will leave you 100 percent sad on a Saturday night so grab a box of Kleenex and a bucket of ice-cream to get you through this post.
Russell liked to live dangerously. With little experience in the stock market and investing, he went against all odds and invested $120,000 in Bitcoin. When that turned into 500,000 he was left stunned and fishing from more.
When he woke up that day, he thought that everything he ever wanted was now in his reach. But unfortunately, that dream didn’t last for long. Russell tried saving what he had by shifting it to other currencies but that didn’t work that well.
“It was devastating, quite traumatic, really,” Russell said. “I’ve seen stories on the news of billionaires going bankrupt, and you think how can that be? How on earth did you lose that amount of money? And yet, here I am in that position.”
But if it’s of any solace, Russell is not alone. A lot of people gambled with crypto and lost most of their money. Retail investors, students, housewives… you name it.
Teachers teach us a lot but they could learn a thing or two themselves. Kim Hyonjeong is a 45-year-old teacher in Seoul who invested $90,000 from an insurance policy, savings, and her loan.
She got caught in the popular get-rich-quick scheme and now has her investments down by a 90 percent. Pouring some of your savings is one thing but the funds from your insurance policy and a loan… well, this reeks of stupidity.
What got me writing this article was this man, Derek Rose. Derek is an Australian journalist. In 2017, he cashed in his retirement account and poured it all into cryptocurrencies. A smart move right there!
At first, things were going great. His investments were bringing in good return and all was well in the CryptoVille. He went ahead and bought some more on Bitfinex. During that time his account was worth over US$ 7 million and borrowed US$ 14 million more. Bitcoin was having his good days then and so was Derek.
I was so giddy and high on emotions it was hard to work out because I was spending all my testosterone and adrenaline checking the balance of my portfolio multiple times each day. It was a hell of a rush.
Despite countless warnings from his friends, he continued to give in to the risk. He was so blinded by the money that he couldn’t see the decline. And well, there he was…
Right before Christmas, it came in like an early uninvited guest, and before he knew it; he had lost $10 million worth of cryptocurrency.
And with this, we let you go. With all the tears, we are hoping you would have learned a thing or two from the heart-wrenching experiences of these people. Remember, you are never too old to learn and always take a moment to step back and reevaluate what you’re doing once in a while.