A former Etihad Airways flight attendant who took out a $100,000 mortgage to spend money on cryptocurrency is probably not going through jail time
A former Etihad Airways flight attendant who took out a $100,000 mortgage to spend money on cryptocurrency is probably not going through jail time after he obtained 25% of the full debt in donations from former coworkers.
Reddit consumer Crypthomie, recognized solely as a 34-year-old man who will not be an United Arab Emirates (UAE) citizen, posted to the Cryptocurrency subreddit on June 19, stating that his ex-coworkers had raised $27,400 in direction of his huge debt.
“Lots of of internet sites [wrote] articles on my scenario,” Crypthomie stated, particularly crediting Cointelegraph for spreading his story. “Ultimately [they] reached my ex-coworkers who found out who was concerned as they knew I used to be heavy in debt and a crypto fanatic.“
Jail time over a financial institution mortgage?
Cointelegraph reported on June 10 that the previous flight attendant took out a mortgage throughout the Bitcoin (BTC) all-time excessive in December 2017 for 338,000 Dirham—roughly $109,000 on the time—with Emirates Islamic Financial institution. He was unable to make his compensation schedule after shedding his job with Etihad Airways
Within the UAE, the place authorities deal with debt as a legal matter moderately than a civil one, this meant Crypthomie may have confronted as much as three years in jail or longer if the mortgage had stayed unpaid.
“At first I began to freak out and bought very scared that my financial institution or the UAE authorities [would] discover out that I made that publish and implement my doable sentence,” he stated. “I deleted every part to cowl my again however it was too late anyway.“
Nonetheless an extended approach to go
Although the donations could actually take away the speedy menace of jail time, Crypthomie remains to be on the hook for 393,296.80 Dirham—about $107,000 on the time of writing—to be paid by the top of 2021.
His former coworkers’ generosity covers 25.6% of the full debt, however the financial institution requires month-to-month installments of roughly $2,230, that means the Reddit consumer has greater than 12 months’ value of funds if rates of interest stay kind of the identical.
Nonetheless, Crypthomie says it’s greater than sufficient:
“Their generosity is saving my spouse and I large time for a few months and we’ll [be] capable of search for a brand new job however need not fear about jail anymore for now.”
“Cannot wait to take a brand new mortgage and purchase Bitcoin,” he stated earlier than admitting he was, in fact, joking.