Cryptocurrency Crash Causes Kuwaiti To Lose $2.5m

18 May 2022 Crypto

Kuwaiti man loses $2.5 million in cryptocurrency crash, local newspaper reports.

He owned cryptocurrency Luna worth $2.5 million, Abu Ahmed said. Al Rai media quoted him as saying, his investment crashed to only $275 due to the collapse of the currency.".

Kuwaiti investors lost a lot of money after cryptocurrencies crashed, according to Al Rai. A quarter of their investment was estimated to have been lost, according to their paper.

Moreover, there are significant numbers of Kuwaitis who have borrowed money from banks and invested their money into cryptocurrencies to make quick gains, according to the report.

The Kuwaiti man said: "I invested the KD50,000 loan I had obtained earlier into the cryptocurrency market in hopes of making a fortune."

Three-quarters of the investor's money had been lost recently. In talking about his contemplation of suicide, he did not reveal a secret, saying he considered jumping from the world's longest bridge.

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