The cryptocurrency market plummeted around 06:00 on October 10, 2025. At that time, Bitcoin plummeted 15% in 15 minutes, Ethereum plummeted 21%, and various other altcoins and tokens even fell as much as 80%. This extreme market situation caused the positions of massive leverage/contract investors to be forced to liquidate.
According to news released by multiple Ukrainian media, Ukrainian cryptocurrency investment manager and internet celebrity Konstantin Ganich was found dead in his Lamborghini after the market plummeted. The cause of death was a gunshot wound. According to existing investigation results, Ganich committed suicide.
Ganich has raised a large amount of funds to invest in cryptocurrency through private placements and other methods. What's even more terrible is that Ganich promises investors to provide up to 15% loss insurance, that is, if the investment suffers a loss, Ganich will compensate investors for up to 15% of the loss amount.
Of course, in order to attract investors to increase their capital investment, Ganich will also pay investors a monthly fixed income of 7%. In fact, this method sounds very much like a Ponzi scheme. After all, it is impossible to obtain huge returns every month when cryptocurrencies rise and fall. Therefore, Ganich’s approach is likely to be to demolish the east wall to pay for the west wall.
After investigation, the Ukrainian police said that the 32-year-old cryptocurrency blogger died of suicide. Local media revealed that the cause of Ganich's death was the collapse of the cryptocurrency market, with losses ranging from 7 million to 60 million US dollars. Before committing suicide, Ganich sent a farewell message to his relatives and friends.
However, as time went by more inside information was revealed, and Ukrainian media UNINA and STRANA published news that senior Ukrainian government and police officials were likely to also invest in Ganich in return for a return. After the collapse, law enforcement officials asked Ganich to pay part of the amount, but the exact amount is not yet clear.
In addition, investigations have shown that the gun used by Ganich to commit suicide came from a gift from the head of Ukraine's military intelligence department. This seems to indicate that Ganich has a very close relationship with Ukrainian government officials. However, there is still no clear information on whether Ganich is operating a Ponzi scheme and causing losses to the Ukrainian government.