UAE Flight Attendant Faces Jail Over $100K Crypto Loan Default

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UAE Flight Attendant Faces Jail Over $100K Crypto Loan Default

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A foreign resident of Abu Dhabi is facing jail time after his crypto investments from a $100K loan in 2017 tanked and he can no longer afford the payments.
A former Etihad Airlines flight attendant says he faces up to three years in jail in the United Arab Emirates (UAE) for being unable to make installments on a $100,000 loan he took out to invest in crypto around the all time high.

Reddit user Crypthomie, identified only as a 34-year-old man who is not an UAE citizen, posted an image to the Bitcoin subreddit on June 9 of his repayment schedule for a 338,000 Dirham loan ⁠— approximately $109,000 ⁠at the time— with Emirates Islamic Bank.

According to Crypthomie, he has lost his job with Etihad due to the pandemic and can no longer afford to pay the required monthly installments of roughly $2230. However, he is required to repay the bank 393,296.80 Dirham — about $127,000 at the time — by the end of 2021.

Readmore: https://cointelegraph.com/news/uae-flight-attendant-faces-jail-over-100k-crypto-loan-default