On October 11, local time, a 32-year-old Ukrainian cryptocurrency trader and social media influencer, Constantine Galich, was found dead in his vehicle following a major market crash.
According to preliminary investigations, Galich suffered a fatal gunshot wound to the head and was pronounced dead at the scene. Authorities discovered a registered firearm at the location. Police have preliminarily classified the incident as a suspected suicide, though the cause of death remains under investigation.
Police statements revealed that Galich had informed family members prior to his death that he was experiencing depression due to financial difficulties and had sent farewell messages to relatives. Galich was a prominent figure in both Ukrainian and international cryptocurrency circles, having co-founded an online trading education platform. He gained recognition for his detailed commentary on cryptocurrency markets, accumulating over 68,000 subscribers on international social media platforms through his analytical videos and posts. His content frequently explored blockchain trends and market psychology, serving as an important learning resource for many new investors.
Galich's death has drawn significant attention, as it coincided with what has been described as the cryptocurrency market's worst single-day crash in five years. While a direct correlation between Galich's financial situation and the market decline has not been confirmed, his death occurred during a period when traders were experiencing extreme volatility and substantial losses.
According to data from Coinglass, global cryptocurrency market liquidations exceeded $19 billion from October 10 to October 11, marking the largest wave of forced liquidations since April this year. In the early hours of October 11, Bitcoin fell more than 13%, breaking below the $110,000 threshold and most recently trading at $113,700 per coin. Major tokens including Ethereum, Solana, Ripple, and Dogecoin experienced even more significant declines, falling between 14% and 30% respectively.