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Parents who lost 50 million won in crypto after forcing daughter to take out loans
๐Ÿ‡ฐ๐Ÿ‡ท South Korea /Culture & Society

Parents who lost 50 million won in crypto after forcing daughter to take out loans

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Context piece
  • A parent is accused of repeatedly pressuring their adult child to take out loans, totaling tens of millions of won, to fund their cryptocurrency and stock investments.
  • The adult child, working a contract position after graduate school, expressed financial and emotional distress due to the constant demands.
  • The parent's actions have led to significant debt, causing shame and worry for the child, who is also concerned about their parents' lack of retirement preparation.

A parent's relentless demand for loans, totaling tens of millions of won, to fund cryptocurrency and stock investments has plunged their adult child into severe financial and emotional distress. The child, identified only as "A์”จ," a contract worker after graduate school, revealed the situation on the "Remember" community app.

My parents kept asking me to take out loans as soon as I got a job.

โ€” A์”จDescribing the initial loan requests from her parents.

A์”จ explained that their parents, facing business debt, initially requested 20 million won, which was intended for living expenses. However, the father reportedly lost the money through cryptocurrency investments. The demands escalated, with the father pressuring "A์”จ" to take out a maximum loan from a second-tier financial institution, amounting to approximately 30 million won. This sum was also reportedly used for the father's investments.

Adding to the distress, "A์”จ" mentioned their mother also incurred losses through stock investments while trying to earn money for living expenses, leading her to seek employment. The parents have not prepared for their retirement. "A์”จ" shared their embarrassment about the situation, especially after confiding in their boyfriend, who was supportive but the reality of the debt remained.

I gave them about 20 million won, thinking it was for urgent living expenses, but my father lost it all investing in cryptocurrency.

โ€” A์”จExplaining how the first loan was used.

Recently, the parents again pressured "A์”จ" for another loan, citing the child's limited contract period. Despite being unable to send living expenses due to their own tight budget, "A์”จ" feels their only option is to provide loans. They expressed deep unease about the situation, questioning if it's right to continue lending when the parents are expected to repay.

My mother also lost money investing in stocks trying to earn living expenses and is now working.

โ€” A์”จDetailing the mother's financial struggles.

Online reactions condemned the parents' actions, with many stating that parents should be responsible for their own debts and that children should not be pressured into taking out loans for investment purposes. Some advised complete financial separation as the only way for the child to protect their own life and future.

It's embarrassing that the loan money went into my father's cryptocurrency investments.

โ€” A์”จExpressing shame about the situation.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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