- A 20-year-old investor allegedly stabbed a YouTube stock adviser in Busan after suffering major losses from following his recommendations.
- The attack occurred during a 9% crash in South Korea‘s KOSPI index on July 13, its seventh-largest dip on record.
- Between 320,000 and 360,000 retail accounts were fully liquidated by brokers, wiping out principal and leaving some investors in debt.
- The victim’s injuries are no longer life-threatening as police investigate the suspect’s motives.
On July 13, a 20-year-old man known as “Mr A” allegedly stabbed a 40-year-old investment YouTuber “Mr B” multiple times in the face in Busan’s Nam District, according to The Chosun Daily. Mr A had subscribed to Mr B’s channel and structured his investments based on those recommendations, resulting in significant losses.
The stabbing coincided with a 9% nosedive in South Korea‘s KOSPI stock market. SK Hynix and Samsung Electronics stocks fell by 15.4% and 10.7%, with SK Hynix wiping out gains from its US debut the previous week.
As prices fell, Bull Theory reported that leveraged retail accounts of 1.2 million Koreans triggered margin calls on July 13. Between 320,000 and 360,000 accounts were fully liquidated by brokers, with principal wiped out and some investors now owing money to their brokerage.
Police arrested Mr A on suspicion of attempted murder and are preparing to probe further to determine his alleged motives before seeking a warrant. Mr B’s injuries are reportedly no longer life-threatening.
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