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A flight attendant from the United Arab Emirates could go to jail for failing to repay a loan of more than $ 100,000 to buy crypto

June 10, 2020

A former Etihad Airlines flight attendant faces up to three years in prison in the United Arab Emirates (UAE) because they were unable to pay the installments of a $ 100,000 loan that they contracted in the days of the historic maximum cryptocurrency investment.

Crypthomie, the Reddit user who was only identified as a 34-year-old man who is not a United Arab Emirates citizen, posted an image on the Bitcoin subreddit of his payment plan for a loan of 338,000 dirhams (about 109,000 ) Dollars at that time) at the Emirates Islamic Bank.

According to the crypthomy He has lost his job at Etihad due to the pandemic and can no longer afford to pay the required monthly fees of around $ 2,230.. However, he will have to return the bank’s 393,296.80 dirhams – around $ 127,000 at the time – by the end of 2021.

Investment after maximum

A flight attendant from the United Arab Emirates could go to jail for failing to repay a loan of more than $ 100,000 to buy cryptoA flight attendant from the United Arab Emirates could go to jail for failing to repay a loan of more than $ 100,000 to buy crypto

The story of crypthomy was semi-viralized in the crypto community in August 2018 after the same picture of the bank payment plan was released and the pain story was revealed.

The aviation employee requested the loan on December 18, 2017, the day the price of Bitcoin (BTC) hit its all-time high of nearly $ 20,000.

In less than a year, he reported a loss of 85% of its digital investments. The Redditor said that had bought Neo (NEO), Stellar (XLM), Litecoin (LTC), Ethereum (ETH) and “some shitcoins that lost 95 percent of their value”..

“It was my first speculative investment. I think it’s a time when we’re still passed out and taking a lot of risk when we don’t have big chores such as paying a child or paying bills.”

Prison abroad

Unlike many other countries, the United Arab Emirates treat debt as a criminal, not a civil, matter. If someone is unable to make the required monthly payments, they can be sentenced to a maximum of three years in prison and possibly longer. if the loan has not yet been paid.

“”They’ll send us to prison in a few months“He said referring to his former partner who has unrelated debt” and [la peor parte] is that we cannot communicate. “

Many countries prohibit the detention of debtors, but the authorities sometimes find ways to do so. In the United States, failure to meet the obligation to pay fines for civil offenses, such as pedestrian crossings and other traffic offenses, can often result in prison terms. The same reason contributes to the high rates of detention of Aborigines in Australia.

Run away from the country?

Most Reddit users who respond to the thread are in favor of quitting Dodge fast.

“Leave this country and start a new life with new names and identities, buddy,” said user _Neev.

“The last time I checked, Abu Dhabi had access to the sea. If I were you, I would learn to sail very quickly,” said maxcoiner.

However, the one who originally posted rejected these ideas. “We have been banned from traveling since the bank opened a case. We are hand and foot tied until we can pay, but we’ll be locked up in a few weeks if we don’t send anything.”

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