June 12, 2021
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Trader confesses cryptocurrency addiction led to criminal charges and hospital treatment

By on June 2, 2021 0

A Briton recounted how his addiction to cryptocurrency led to criminal charges and took him to a hospital for drug treatment. He has lost over a million dollars in other people’s money trying to replicate his previous success in cryptocurrency trading.

Crypto addiction on the rise, hospital treats over 100 crypto addicts

Briton recounts how his cryptocurrency addiction turned him into a criminal, BBC reported. Referring to him as Jake, the publication noted on Sunday that he is currently in treatment at one of the only hospitals in the UK that treats people obsessed with gambling on the value of cryptocurrencies. His identity is not revealed as he is still being treated in the hospital.

Jake lost millions of pounds trading cryptocurrencies. He first bought bitcoin in 2015, but his addiction problem only started a few years ago. “I can identify the exact moment when this became a problem,” he described. “I had eroded the amount I had set aside, but entered into a transaction and was willing to risk the last amount I had.” He continued:

I ended up getting back pretty much everything I had lost in one trade. The feeling was one of absolute euphoria.

This feeling of euphoria coupled with problems in his marriage and personal life quickly turned him into a crypto trading addict.

At the time, he was working at a job where he was responsible for millions of pounds of other people’s money. He quickly started trading with clients’ money in hopes of replicating his previous cryptocurrency trading success. He shared, “The first time I took it I lost everything in about 20 minutes one night. The market moved really quickly and I sold everything.

Jake faced criminal charges for embezzlement, but was able to repay his employer £ 1.5million with help from his family. He is currently undergoing treatment for his addiction.

There are no statistics on how many people are severely addicted to cryptocurrency trading. However, Tony Marini, the senior advisor at the Bitcoin Addiction Clinic at Castle Craig Hospital in Peebles, said they were seeing an increasing number of people with addictions in Scotland. Over the past few years, the clinic has treated over 100 people for cryptocurrency addictions.

While there are people who have lost money trading cryptocurrencies or because of crypto scams, there are also those who swear that cryptocurrency saved them from financial ruin, by especially during the coronavirus pandemic.

Cameron is an independent musician who has been severely affected by the Covid-19 crisis and the lockdown that followed, the publication said. He said the situation was “devastating” for him because “the concerts have ended, the schools have closed, all my sources of income have completely disappeared”. He decided to invest in cryptocurrency when the lockdown hit in March of last year. “It has been a very good year as these assets have gained in value to the point where, at least in the short term, I will no longer have financial worries… It has been such a relief.”

What do you think of people addicted to crypto? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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