Summary
- The cryptocurrency market recorded a historic plunge due to Donald Trump's remarks about China, the report said.
- Famous crypto YouTuber Konstantin Galych reportedly suffered losses equivalent to 43 billion won, which included investors' funds.
- The market reportedly turned to a recovery following President Trump's conciliatory message.
"Feeling depressed due to financial difficulties"
Amid a historic crash in the crypto market last week triggered by U.S. President Donald Trump's remarks about China, a well-known cryptocurrency YouTuber who was active in Ukraine was found dead.
On the 11th (local time), Ukrainian police said YouTuber Konstantin Galych (32) was found dead in his Lamborghini in the middle of Kyiv.
Kyiv police said a firearm registered in Galych's name was found at the scene. Police said, "Galych told relatives days earlier that he was 'feeling depressed due to financial difficulties' and also sent farewell messages," and they are investigating all possibilities, including homicide and suicide.
Galych was the co-founder of the trading academy "Cryptology Key" and was a widely known influencer in the international crypto community. He drew attention for a luxurious lifestyle, owning a Lamborghini Urus, a Ferrari 296 GTB, and a Mercedes-Benz 220 CDI.
Recent reports say Galych suffered losses of about $30 million (about 43 billion won) in the cryptocurrency crash. In particular, a significant portion of the losses included investors' funds.
The catalyst for the crash was a social media post by U.S. President Donald Trump threatening to impose an additional 100% tariff on China from next month after announcing tighter controls on rare earth exports to China. Within 24 hours of President Trump's announcement, the crypto market lost about $400 billion (about 570.8 trillion won).
However, the market quickly recovered after President Trump suddenly posted a conciliatory message a day later. On that day he wrote on his social media, "The United States does not seek to hurt China but to help," adding, "Do not worry about China. Everything will be fine."
※ If you are having difficult-to-talk-about feelings such as depression, or if you have family or acquaintances who are experiencing such difficulties, you can receive 24-hour professional counseling at the suicide prevention hotline ☎ 109 or via the suicide prevention SNS counseling 'Madelan'.
Jang Ji-min, Hankyung.com guest reporter newsinfo@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
