Police in Kampala have revealed that the Makerere University student, who was found dead in his hostel room, committed suicide after losing his investments in cryptocurrency dealings.
The Kampala metropolitan deputy Police spokesperson, Luke Owoyesigyire, told journalists during a weekly press briefing that by yesterday morning, investigators were not only certain that 22-year-old Ashraf Nsubuga committed suicide, but also that a bad cryptocurrency deal was the cause of his death.
The fourth-year student had been pursuing a Bachelor of Sciences in Medical Radiology at Makerere University. His body was found by his roommate in White House Hall (an extension of Nsibirwa Hall), hanging from a door leading to his room.
Nsubuga was studying on a government sponsorship at the College of Health Sciences, but according to Owoyesigyire, he had many businesses, which he ran alongside his studies.
“We established that he was convinced to invest a huge amount of money in a digital asset known as cryptocurrency, hoping to make quick profits,” Owoyesigyire said.
Nsubuga also took some loans to increase his investments, but he was shocked to receive news that he had lost all the money. According to Police, Nsubuga decided to commit suicide out of frustration.
“We appeal to Ugandans, especially the young people at universities to always share their burdens with fellow students or councilors at their institutions so that they can receive the necessary counseling and guidance,” Owoyesigyire added.
Student took his life after cryptocurrency deal failed, say Police “Hewasconvinced to invest a huge amount of money inadigital asset known as cryptocurrency, hoping to make quick profits,” Police way forward Finance minister Matia Kasaija yesterday said they are considering the benefits and, “if it has come to stay and people find merits in it, we shall try to find a way to formalize it”.