Features writer
Connor Sephton
Features writer
Connor Sephton
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Fact Checked by
Elena Bozhkova
Features Lead
Elena Bozhkova
Friday’s flash crash across Bitcoin and the wider crypto markets was difficult, distressing and fatal.
On Saturday morning, it was confirmed that the body of a 32-year-old Ukrainian investor had been found in the passenger seat of his Lamborghini in Kyiv.
Detectives say he had suffered a gunshot wound to the head — and a weapon registered in his name was found next to him.
The investor has been identified as Konstantin Galich, otherwise known as Kostya Kudo, who founded an educational website called Cryptology Key.
At this stage, investigators are working on the assumption that he died by suicide — however, foul play hasn’t been ruled out.
High-profile crypto investors have been targeted during violent attacks in the past, but a police statement explained:
“On the eve of his death, the man informed his loved ones about his depressed state due to existing financial difficulties, and also sent them a farewell message.”
Kudo’s exact circumstances are unknown, with reports suggesting that the entrepreneur had managed almost $65 million in digital assets and lived a luxurious lifestyle. Unconfirmed allegations indicate he also handled funds belonging to Ukraine’s military intelligence, with security forces pressuring him for profits.
As Cryptonews reported over the weekend, the crash was unprecedented and caused widespread panic. Although triggered by Donald Trump’s announcement of fresh tariffs on China, digital assets suffered disproportionate sell-offs compared with stocks, indicating that technical issues may have been to blame.
Tributes have been paid to Kudo on X, where he has been remembered as someone with exceptional trading skills — an early adopter who was a passionate backer of the Solana and Avalanche blockchains.
But there’s another important discussion that’s also taking place on Crypto Twitter: the desperate need for investors to look after their mental health.
Influencer Mario Nawfal described Kudo as a “builder and believer gone too soon” — and said life is more important, and valuable, than turning a profit.
“This space moves fast, and sometimes we forget there are real people behind every wallet, every trade, every loss. Please take care of yourselves. No portfolio is worth your peace of mind. Reach out, talk to someone. The market can wait.”
Others argued that this must serve as a wake-up call for anyone who uses leverage, and said traders should never risk more than they can afford to lose. It’s important to stress that there’s no concrete evidence to suggest Kudo was affected by the $19 billion worth of liquidations recorded in just 24 hours on Friday.
However, there has been some misinformation doing the rounds on social media, with one bogus report suggesting that 2,000 crypto traders had ended their own lives since October 10.
Nonetheless, academic studies do indicate that Bitcoin and altcoin investors are at a greater risk of harm. Back in 2022, researchers in Finland concluded crypto holders suffer from higher levels of “psychological distress, perceived stress and loneliness” compared with those who dabble in stocks.
Connections have also been drawn between trading digital assets and addictions to gambling and alcohol, both of which can cause harm in other ways.
Crypto is renowned for being a macho space — one where gains are savored and losses are shrugged off, with little discussion about mental health. Kudo’s death could change this, and encourage traders to check in with one another — and stop suffering in silence.
According to the Campaign Against Living Miserably, a suicide prevention charity, financial struggles can “impact all aspects of our lives.”
“Money is tied to things like responsibility, perceptions of success, how we socialise, and how we work, which can make it even more difficult to cope with. No matter what you’re going through, remember money troubles are temporary. While things might feel overwhelming, there is always a way forward.”
Reaching out to friends and family, financial advisers, mental health professionals and dedicated support groups can be a great place to start — and there are also specialist helplines where you can have a discussion with professionally trained operators anonymously. If you’re in the UK or the US, the Samaritans operate 24/7 and can be reached by phone or through a live chat.
The crypto markets never stop, and can often feel overwhelming. If there’s one thing we all need to learn in the wake of Kostya Kudo’s death, it’s this: money comes and goes, but you are irreplaceable.
https://cryptonews.com/exclusives/kostya-kudo-what-we-know-about-crypto-traders-suicide/
