Skip to content

A resident of the United Arab Emirates has taken out a $ 100,000 loan to invest in cryptocurrencies, and his former employees save him from prison.

June 19, 2020

A former Etihad Airlines flight attendant who borrowed $ 100,000 to invest in cryptocurrencies may not go to prison after receiving 25% of the total donation debt from his old employees.

Reddit user u / crypthomy, identified only as a 34-year-old man who is not a United Arab Emirates citizen, He posted a message on the cryptocurrency subreddit on June 19 that his former employees had raised $ 27,400 for his massive debt.

“Hundreds of websites [escribieron] Article about my situation, “said U / Crypthomy, expressly appreciating Cointelegraph for spreading his story.”In the end [los artículos] They turned to my former coworkers who found out who was involved because they knew I was heavily in debt and a cryptocurrency enthusiast.“”

Time in jail for a bank loan?

A resident of the United Arab Emirates has taken out a $ 100,000 loan to invest in cryptocurrencies, and his former employees save him from prison.A resident of the United Arab Emirates has taken out a $ 100,000 loan to invest in cryptocurrencies, and his former employees save him from prison.

Cointelegraph reported on June 10 that The former flight attendant had borrowed from the Islamic Bank of the Emirates for 338,000 dirhams – around $ 109,000 at the time – during the record high for Bitcoin (BTC) in December 2017. He was unable to meet his payment schedule after losing his job at Etihad Airlines.

In the United Arab Emirateswhere authorities treat debt as a criminal rather than a civil matter, This meant that u / crypthomy could have spent up to three years or more in prison if the loan had not been paid.

“At first I got scared … I was really afraid that my bank or the UAE government [se enteraran] that I had made this contribution and they would do my possible sentence“I deleted everything to cover my back, but it was too late.”

It is still a long way

Although donations can eliminate the imminent risk of imprisonment, crypthomy remains on the hook for 393,296.80 dirhams – about $ 107,000 at press time. To be paid in late 2021.

The generosity of its former employees covers 25.6% of total debt, but the bank charges monthly fees of around USD 2,230. This means that the Reddit user has more than 12 months of payments if the interest rates remain more or less the same.

However, crypthomy says it’s more than enough.::

“Your generosity will save my wife and me a great time for a few months and we will be able to find a new job, but we don’t have to worry about the prison for now.”

“I can’t wait to apply for a new loan and buy Bitcoin,” he said before admitting that he was joking, of course.

Do not stop reading: