Cryptocurrency frenzy claims 2nd victim in Korea

By Kim Se-jeong

A man in his 30s from Seoul hung himself at his home recently, in an apparent suicide in connection with his investment in cryptocurrency, police said Wednesday.

According to the Dongjak Police Station, the body of the man was found by his mother in his room, along with soju bottles and cigarette packs. He didn’t leave any suicide note, the police said.

The police didn’t specify the time of his death but said it occurred when the government was pouring out regulatory measures against the overheated cryptocurrency market.

It marked the second suicide case among cryptocurrency investors.

On Feb. 2, the Busan police found the body of a 20-year-old college student who took his own life out of despair after a loss in cryptocurrency investment.

The Dongjak police said the victim had invested more than 10 million won in cryptocurrency. Given that he had no record of mental illness, the police said the likelihood was high that his suicide was related to his investment in cryptocurrency.

“To confirm the cause of the death, we will look into his bank account more carefully,” the police said.

Having worked in the IT industry, the mother told the police, the man spent most of his time at home during the day in front of the computer.

The cryptocurrency market took Korean investors on a rollercoaster ride.

At its peak, bitcoin was being traded for close to 30 million won. This week, the price dropped below 10 million won and continues to fall.

In order to cool the overheated market, the government introduced different measures and warned investors with regulations.

On Jan. 11, the government said it was even considering closing cryptocurrency trading centers but withdrew the proposal. A few days later, the government warned the investors closing the centers was still a viable option.