A Hong Kong man, identified as Chen, has reportedly died by suicide after losing approximately 10 million Hong Kong dollars (about $1.2 million) in failed cryptocurrency trades. This tragic event adds to a growing list of incidents linked to the volatile world of cryptocurrency and its investors.
News of Chen's death emerged earlier in the week, following other concerning reports such as violent attacks targeting crypto investors in France, the kidnapping and murder of a crypto investor and their partner in the Middle East, and the death of a Ukrainian politician’s son in Vienna.
Massive Financial Loss Triggered the Tragic Incident
Prior to his death, Chen's father revealed that his 32-year-old son had confessed to losing about $1.2 million due to unsuccessful cryptocurrency investments.
According to local reports, Chen's mental health began to deteriorate in 2022. This decline coincided with his job loss during the COVID-19 pandemic, leading to the development of mental disorders for which he was receiving regular medical treatment and medication.
In September 2023, Chen relocated to the United Kingdom to pursue his studies. While abroad, his father observed that Chen appeared emotionally unstable. Consequently, the family urged him to return to Hong Kong to undergo a psychiatric re-examination at a private clinic.
Chen arrived at the airport on Monday and was met by his father. Upon their return to their residence at Bijiashan Garden on Lung Ping Road, Chen made a sudden attempt to harm himself with a fruit knife. His father managed to disarm him, but Chen then ran towards the apartment's terrace and jumped.
He fell from the terrace onto a first-floor platform. Emergency services were alerted to the scene around 5:00 p.m. Chen was transported to Caritas Medical Centre, where he was later pronounced dead. Police have indicated that the case is not considered suspicious and have classified it as a "fall from height."
Handling Volatility in the Current Market
On January 2, Bitcoin prices experienced a dip, falling below $88,000. This downturn was attributed to significant sales by institutions seeking to reduce risk at the beginning of the new year. This followed the notorious "1011 crash" in October 2025, which resulted in massive liquidations due to overleveraged positions, erasing over $19 billion in a single day. The market faced challenges in filling the resulting "liquidity vacuum" as the new year progressed.
Bitcoin has since shown signs of recovery and is currently trading above $95,000. The October 2025 crash was reportedly instigated by new global trade tariffs and export controls on software. During that period, Cryptopolitan reported that a prominent 32-year-old Ukrainian crypto CEO was discovered deceased in his vehicle following a $30 million loss.
Financial Secretary Paul Chan has recently emphasized the importance of exercising caution when engaging with the cryptocurrency industry.
The government has introduced the "Fintech 2030" program and implemented new licensing regulations for dealers, aiming to mitigate fraud and prevent extreme financial losses within the sector.