More than 3,300 participants were combined into a single platform by a 30-year-old investor named Giulio. He refused to give the source his last name, but gave Guardian reporters access to the chat.

“They couldn’t even scream anymore. They just sobbed”

Journalist Şirin Kale, who entered the online space, described how she heard a woman’s “eeeeeeeeee” scream and a man’s “waahahahaha” roar. It also describes “howling,” “shrill cries of pain,” and a childlike sobbing.

Şirin Kale spoke to several amateur investors who have invested heavily in cryptocurrency and are now losing money. Some explain that they entered the field simply because it was a popular trend.

• One of them is Roy, 29, who started investing in Dogecoin, promoted by Elon Musk, in February 2021.
• First he invested 2,500 euros in various currencies, then his portfolio increased to 8,000 euros, then to 100,000 euros and then to 525,000 euros.
• And then the cryptocurrency market crashed. Bitcoin price dropped from £42,000 in May 2021 to £23,000 at the end of June. It has been in an almost continuous free fall since then and today stands at £16,748 per Bitcoin.
• Roy says his life literally “collapsed” because he put everything into it.
• In desperation, he made a series of unsuccessful bets. The value of his portfolio fell to 20,000 euros, then to 3,000 euros. Today he has only 300 Euros and is receiving treatment for cryptocurrency addiction at Castle Craig, one of the few centers in the world dealing with such problems. Treatment is covered by insurance.
• Roy has started drinking, is socially isolated, doesn’t want to see anyone, feels like a failure, and scolds himself for not withdrawing the money when he still could.

The founder of the Telegram chat says his “Therapeutic Group” is open to expressing his longing.

A few people complained and cried. I’ve decided not to ban them. I felt sick. They couldn’t even scream anymore. they just cried
– says Giulio.

The cryptocurrency industry is still in a turbulent state. And no one knows for sure if he has a future and when the situation will improve.