I got to know today that my brother lost 500k in crypto scam thinking he is trading on a crypto exchange. Turned out, it was a fake exchange and he lost all his life savings and has 400k loans on his name. This news has messed my mental state and I’m not sure how to help him Blind tax: 200k + 🥜 rsu
You help him emotionally. Not financially
When was it not a scam? It’s always been an impractical get rich quick scheme.
"DEFI! NO REGULATIONS! NO RULES! " /s
Nice. Need to destroy all the $$$ that Fed printed and increased inflation. Thank your brother for helping destroy some $$$.
At the cost of him being homeless and almost on streets. Thanks for being considerate.
It's his fault to put a huge or majority of his wealth in a speculative asset and that too via some no-name exchange. Your bro gambled and lost! What's there to be considerate about! It was a non-regulated space. Your bro should have been cautious about it! Should we also be considerate with all the people who gamble and lose in a Casino? Your bro wanted to get rich quick but went the opposite way. Get rich quick schemes are like that!
What is done is done, ask him and you as well to move on. Get a financial advisor in the future and reduce your risk.
How did he make the 500k, do it again
Sounds like he made 100k and took 400k out in loans
@gopher4u - Lol, very smart thing to do 🤣
The scam part of crypto is not that the exchange wasn’t real.
You could try to invest in some crypto to recover quickly. That usually works.
If someone is willing to take such large risk then they need to accept the situation where things go south. Support him by giving him a roof to live under and food. (And maybe bankruptcy lawyer money). Otherwise, lessons needs to be learned cause otherwise he may take on stupid risks in the future again.
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Advise him to speak with a bankruptcy attorney.
Thanks for the advice. We have an appointment soon. Praying to god that we find a solution soon
Bankruptcy isn’t as bad as it may sound. - You make a monthly payment for a limited amount of time. - You can repair your credit while you pay off the bankruptcy and have normal credit before it’s over. - When the limited amount of time is up the bankruptcy is removed from his record.