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Monday, May 23, 2022
HomeLatest NewsFrom arcades to crypto cults: "Cryptocrach" killed many young people

From arcades to crypto cults: “Cryptocrach” killed many young people

The past May 12 can already be considered a “black Thursday” for cryptocurrencies, whose the market lost more than 193,000 million euross around the world in one day. The Luna token lost over 99% of its value and pulled down major digital currencies such as bitcoin and ether. Luna will become the “Lehman Brothers” of cryptocurrencies. The “collapse” led to the fact that in two days a new social class appeared: “crypto-busted”. Many of them are young, some fell into the so-called crypto cultsand it is that of the 4.5 million people in Spain who have invested in cryptocurrencies, it is estimated that one million are young people under the age of 25.

According to the Bank of Spain, in 2021, the volume of cryptocurrency transactions in Spain reached 60,000 million euros. 4.8% of GDP and 2.7% of total financial assets, second only to the United Kingdom, France, Germany and the Netherlands in Europe. But the collapse of cryptocurrencies led to world capitalization of this type of digital currency has decreased by $1.4 trillion since peaking in November 2021.

This fever of the most popular of cryptocurrencies, bitcoin, “digital gold”, began its boom in the midst of a pandemic, in the fall of 2020, when was listed on the financial market at a price of USD 13,500.. A year later, it topped $60,000. Because of the explosion in its value, they became rich almost overnight. However, cryptocurrencies crashed this week to the point where they traded below $26,000 (€25,000) on Thursday. It rose to $29,000 which gives an idea of ​​the volatility of this type. virtual currencies as, for example, the European Central Bank has already warned.

And with this general panorama, from the Association of People Affected by Cryptocurrencies, led by lawyer Emilia Zaballos or psychologists themselves, warn that addiction to cryptocurrencies has become “the new gambling disorder.” even more dangerous than gambling or sports betting. For example, from the official College of Psychologists it is explained that “cryptocurrency speculation has a high potential for addiction, and they confirm that they are increasingly accepting for their consultations many young people who have replaced their addiction to sports betting with virtual currencies, with the only goal is to make money easily and quickly.”

“What deceives thousands of young people with the promise of making them millionaires with virtual money”

“I invested more than 3,500 euros, almost all of my savings,” says Jaime, a 21-year-old working-class resident of Madrid studying law at the Complutense University, whose parents gave him the money for his education. research. “Today I lost more than half. Now it only remains to wait if the cryptocurrency market recovers, because if not i destroyed my family. If there was a strong fall, I think it will recover, ”he is sure.

But it’s not just a possible individual pathological addiction to gambling. Nearly 500 families in Spain have spent weeks denouncing the “crypto sect” “that deceives thousands of young people with promises make them millionaires with virtual money“. They have already collected over 50,000 signatures to shut down a cryptocurrency school, IM Mastery Academy, which is “really recruiting young people to in turn lead others to the ‘academy’.” There’s “a prime example of a pyramid scam”, and “payment from 150 to 200 euros per monthThey “promise them that they will become billionaires, that they will have more friends and that they will get rich without working by investing in cryptocurrencies.” Two months ago, the police arrested eight members of this academy for fraud, although they were later released and continue to work, and a few days ago, the same “school” organized convention in Badalona attended by about 10,000 people.

“My daughter’s name is Esther, she is 17 years old,” explains Carmen, a mother from Madrid. “He told me he was enrolling in an investment and business academy. I gave him 200 euros to study and the girl began to change. She was always angry with me, stuck in her room with a computer… I got worried and found out about IM Mastery Academy. What I saw scared me and I told him to get out of there. The next day he left home and I think lives in an apartment with other members of the sect. I am in despair because I lost my daughter,” Carmen says with tears in her eyes.

Pedro and Maria were also late in realizing what was happening to their son, who had “behaved very strangely for several weeks”. The 16-year-old boy was stopped by children when he was returning from school. “They talked about investments and he always liked economics. We invited him to a meeting at the hotel … And, having given him money for registration, by the time we realized what our son was up to, it was already too late. He told us that we were losers, dropped out of college, our house and left. We haven’t heard from him in a month and a half.” The collapse of virtual currencies and crypto cults.


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