Kuwaiti loses $2.5M due to cryptocurrency crash

Kuwait City, 19th May 2022:

#Kuwaiti loses $2.5m due to cryptocurrency crash

Paper: #Kuwaitis lost key portion of borrowed investment in sector

A #Kuwaiti man said he had suffered $2.5 million in losses due to a collapse of a cryptocurrency, a local newspaper has said.

The man, identified as Abu Ahmed, said he had owned $2.5 million worth in the cryptocurrency Luna. “The currency collapsed and it [his investment] crashed to reach $275 only,” he was quoted by Al Rai newspaper as saying.

#Kuwaiti investors suffered heavy losses due to collapse of cryptocurrencies, according to Al Rai. The paper estimated their losses at least a quarter of the value of their investment.

Worse, a significant number of Kuwaitis had turned to borrowing from banks and channeled part or whole of the loans into investing in cryptocurrencies in the hope of making quick gains, the report said.

“I directed a loan of KD50,000 I had earlier obtained into the cryptocurrency market in the hope of making a fortune,” an unidentified Kuwaiti man told Al Rai.

The investor said he had lost three-quarters of the money in recent days. “I didn’t disclose a secret by saying that I thought of committing suicide by jumping from the Sheikh Jaber Causeway,” he said, referring one of the world’s longest bridges.

 

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