Father of two facing the dire prospect of losing his family forever

After surreptitiously accumulating up $180,000 in debt as a result of his crypto trading activities, a man who admits to being addicted to cryptocurrency trading and who is also a father of two faces the terrifying potential of losing his family for ever.

Reddit user “u/Leather Opposite2135” posted his account on the forum r/relationship advice on February 21. In the post, the user indicated that he began experimenting with trading cryptocurrencies around the year 2021.

Fast forward another two years, and we find him living on the street now, having been booted out of the house by his wife and owing at least $180,000 in debt.

“At first, it was nothing more than a hobby,” said Leather. Since it deals with technology, I thought that aspect of it to be rather fascinating. Joined a number of online communities, including Discord, and after some time, saw a few individuals engaging in bitcoin trading. Afterward, I was instantly hooked.

After just one year, he had already “burned” a total of $50,000 by trading cryptocurrencies, with the majority of the monies lost coming from his software company.

“Fast ahead another year, and it got very awful,” said Leather, adding that his addiction had begun to take root as he began to support his trading via other methods, such as personal loans and credit cards. “Skip forward another year and it became really bad,” added Leather.

“I’m sure you’ve heard it before, but I found all kinds of methods to finance it, including acquiring personal loans, credit cards, and lying about all of it,” the speaker says. “I’m sure you’ve heard it before.”

“I gambled on my phone when I went to the restroom, while the kids were asleep, and on my computer when I wasn’t busy working,” the gambler said. “When I wasn’t busy working, I was gambling on my phone.”

Leather said that around three weeks ago he finally told his wife the truth about the debt they owed. His wife did not react well to the news and threatened to divorce him and seize control of the home they shared together.

Since then, he has cut himself off from the cryptocurrency market, given his wife management of their trading accounts, and has been meeting weekly with a gambling addiction counselor. However, he admits that it was initially difficult for him to break the addiction to gambling.

“Emotionally, the first two weeks were a mess for me. I was all over the place. I had to quit something cold turkey that I spent at least ten hours a day doing. While all this was going on, a still little voice on my shoulder kept encouraging me to go look at some charts.

Although Leather Opposite2135 has since removed the original post from Reddit, it is not the first nor the last tale to draw light on the potential consequences of being addicted to trading cryptocurrencies.

Alongside the treatment of addiction to alcohol and narcotics as well as mental health issues, rehabilitation clinics all over the globe have started offering treatment for compulsive behaviors like cryptocurrency trading addiction.

“In a manner similar to gambling, many of them will claim that it interferes with their day-to-day lives, that they spend a great deal of time thinking about it, and that as a consequence, they may also be suffering financial difficulty.”

Dr. Hronis pointed out that addiction to cryptocurrency trading is comparable to that of online gambling since both include a “easy of accessibility” that may be “very harmful for people.”

It is possible to see a person going about their typical day-to-day activities, such as going to work, spending time with family and friends, participating in hobbies, and so on, while at the same time trading alongside those activities. This indicates that a person’s addiction may genuinely progress to a significant level before anybody else in that person’s life becomes aware of it.

“Considering how recently cryptocurrency trading has emerged, I believe that therapy is still playing catch-up to some degree. “While the broad concepts of treating an addiction may undoubtedly be applied here, there are peculiarities with crypto trading that would benefit from being better understood in order to better advise clinical therapies,” Dr. Hronis noted. “There is a lot of room for improvement in this area.”


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Exodus wallet integrates with SportX to enable esports betting with crypto

Cryptocurrency wallet Exodus has officially integrated with SportX, an online sports and crypto betting platform, giving users the ability to wager on esports games through smart contracts executed on the Polygon network. 

The partnership, which was announced Tuesday, gives Exodus’ more than 1 million users access to SportX’s decentralized betting exchange, where they can place bets on a wide range of sports and esports games using cryptocurrency. The minimum bet amount is $5, denominated in USD Coin (USDC), which can be sent directly to the Exodus wallet or exchanged from any of the 138 cryptocurrencies it supports. All markets created, traded and settled on SportX are facilitated by the Polygon network.

Currently, SportX is authorized for use in Canada, South America, most European countries excluding France and the Netherlands and throughout most of Asia.

Esports, which refers to multiplayer video games played competitively in front of spectators, has grown to become a billion-dollar industry, with mainstream developers such as Halo entering the market. 

Although the relationship between cryptocurrency and esports is still nascent, industry observers have identified a “special connection” between the two domains. Both communities share similar demographics and employ technologies that transcend geographic locations. The financialization of gaming, also known as GameFi, is also expected to present new opportunities for the esports industry. (However, GameFi is not limited to the financialization of esports, but digital gaming more generally.)

Related: Coinbase partners with esports gaming organization competing in League of Legends

Crypto exchanges, meanwhile, continue to expand their footprint in the esports market, with the Sam Bankman-Fried-led FTX leading the way. In August, the derivatives exchange inked a seven-year deal with Dolphin Entertainment to create nonfungible tokens that target brands in several sectors, including esports. In June, FTX sealed a $210 million naming rights deal with esports giant TSM.