Husband has lost our kids savings

[Helphusbandmessedup]

I am so so so annoyed/angry/upset/fuming.

my husband has invested all our kids savings in crypto mining and lost the f*ing lot £14,500.

I’ve told him he personally needs to pay it all back, he thinks he’s just going to replace it from our other investments. Telling me he’d be poor if he takes it from his monthly money. I’ve long suspected he has a borderline gambling issue. I’m absolutely raging, when I said I don’t think it’s fair it come from our other investments he tried to overbearing me because I said it wasn’t an option.

I’ve said his other options are take a personal loan that he pays for or pay back every month but he’ll need to calculate the lost interest.

I’ve also told him I want to split our money going forward so we split bills but then have our own money. I earn more than him btw.

am I being unreasonable or just full of red mist.

Well it's a big mistake, i'm not sure getting out a loan is the way to fix it there. Combo of other investments & monthly income?

no didn’t invest any of his own money to see if it was legit. He’s trying to say it was a bad business investment

where did the money come from?

How old are the kids?

You're not responsible for your husband's debts if solely in his name. Addresses are not marked either.

People do lose money in scams, it doesn't mean you are stupid.

Has he written to binance. He would have had to onboard with with id etc. they are meant to protect him to a level.

i know there are a lot Id relationship posts but just wonder whether you can get some of it back

I don't understand OP. Did you agree that he could take £14.5k and put it in some unspecified crypto scheme/coin? What did you both agree he could invest it in? Because if so, I'm not sure you're absolved and he's the wholly guilty party.

It's not like there isn't a wealth of material at your disposal via Google about what an utter ponzi scam this whole area is. A mixed portfolio of tech stocks I could understand for a long long term investment - but crypto with your kids' money. I just don't get it.

And it’s doesn’t mean you aren’t.

Theres some very sophisticated scams.

But also there’s plenty of really obvious ones that are simply based on tapping into peoples greed and love of gambling. The fact that he used money earmarked for the kids, not his own is very telling.

He still shouldn't have touched the DCs money, although OP sounds a bit weak for not speaking out against it when he mentioned it and how great it would be. Reckless, foolish and unforgivable.

That's just crazy.
Surely he'd do 'Due diligence' before 'investing'...
I'd be livid- how could he be so dense. Especially a scam.

I think separate as much money as you can. If he has a gambling problem the “ one more try and I’ll win it all back” ( rinse and repeat) will start. Ringfence all you can. Then consider all options going forward.

You need to get really specific with him

how did he invest. Did he buy btc using a bank transfer from coin base or binance ?

What did he transfer into what account. Did he put it in a binance account or a wallet.

make him walk you through the exact steps here

losing money because a token has gone bad is one thing but the sounds as little more recoverable than that

A simple google request: ''Crypto currency'' throws up this warning..

https://www.techtarget.com/whatis/feature/Common-cryptocurrency-scams

Is it the same husband who didn't pay the rent...

In case he’ll engage : https://www.gamblersanonymous.org.uk/

I’m getting deja vu.

Please please don't divorce him yet. Make sure he takes out a personal loan and pays the money into the children's accounts. If you divorce him before he does that the children will never get their savings back.

https://www.binance.com/en/blog/community/know-your-scam-money-transfer-scams-in-crypto-7595157715027028293#

Where there is money there is the potential for fraud.
You can invest more safely, via a proper FCA-approved stockbroker with which a parent can open and run a Junior ISA. Such an ISA should contain one or more Investment Trusts ie Investment Companies, to give a spread of investments and a spread of risks.
Avoid financial advisers, banks, unit trusts, etc as they are salespersons, not investors. Stockbrokers` commissions are a LOT lower than any of the others! Have a look at theaic.co.uk who have a list of investment companies and a useful tutorial.

He couldn't if parents are named as trustees.

So he wasn’t prepared to ‘be poor’ with his own money while ‘investing’ but decided your children’s savings were fair game, and now expects you and him to share the cost of rebuilding them? What a prince he is!

There would be no question in my mind about splitting finances immediately. The only thing I’d be working out is whether to split with him permanently.

This must have been a terrible shock for you, @Helphusbandmessedup

Shame on him for having no shame.

Are you the poster whose husband is a hospital doctor, who is forever gambling your joint money away?
Because this sounds very, very familiar.
If you are, you were accused to divorce him asap.

This.

@SerendipityJane I'm not like majorly into crypto but I researched first , I've made a few thousand off it but I made that from investing £300. £14k on a first punt seems a bit weird doesn't it or people actually do that?

Guess they may do but I dunno why you wouldn't test with a small amount first...

Oh them pair? They can’t still be together surely? That car crash has been going on far too long