On October 10, major crypto currencies on globally prominent crypto exchanges, such as Bitcoin and Ethereum, plummeted by 15-30%, impacting over 1.6 million trading accounts. Following this liquidation, reports emerged of several traders and investors suffering heart attacks, with some even committing suicide.
SNPNEWS.IN News Update (Gurmail Kamboj): On October 10, U.S. President Donald Trump announced via his Truth Social account that a 100% tariff would be imposed on Chinese products imported to the U.S. starting November 1. Recently, China imposed new global export restrictions on rare earth elements (REEs), which are critical for manufacturing chips, batteries, motors, brakes, and fighter jets. The U.S. labeled this move as a direct attack and announced an additional 100% tariff on top of existing tariffs on Chinese goods. Within minutes of President Trump’s announcement, global markets came under pressure, resulting in significant losses in both the crypto and stock markets.
Between October 10-11, the crypto market saw liquidations exceeding $19 billion, with the market cap dropping by over $200 billion. Within the first hour of Trump’s announcement, $7 billion was wiped out. Major currencies like Bitcoin and Ethereum fell by 15-30%, affecting over 1.6 million trading accounts. Similarly, stock markets experienced declines ranging from 1.5% to 2.5%.
A widely discussed incident involved Konstantin Gelich, a Ukrainian crypto influencer, who committed suicide in October 2025 in Kyiv’s Obolonskyi district by shooting himself inside his Lamborghini. A registered firearm was found near him. In this market crash, he lost approximately $30 million (around ₹250 crore), which included investors’ funds. According to police, Gelich was in depression due to the market losses and sent a farewell message to his family before taking his life. Notably, Gelich was known for donating millions of dollars earned through crypto to the Ukrainian military during the Russia-Ukraine war.
Reports indicate that the Binance crypto exchange was overwhelmed with orders, causing it to either freeze or shut down due to fears of further crashes. The market fell so rapidly that stop-loss orders for many investors failed to trigger, resulting in their accounts being liquidated.
Small investors who had accounts worth $20,000-$50,000 and were trading with 30-40x leverage (equivalent to $200,000-$300,000 trades) lost everything.
This event is being described as the largest scam in the history of capital markets, and it may never be fully uncovered due to the likely involvement of major political figures and insiders within the exchanges.