What a moron.
The first rule of any investment, particularly crypto, is to only invest what you can afford to lose. A loan, by definition, is not money you can afford to lose.
I won't really blame the man, if he had succeeded with the move, probably people will be praising him by now, I recall beginning of this year, there were a lot of high hopes that crypto would worth trillions of thousands and that this year will be best year for cryptos, everybody was investing hoping this year will be great, but it didn't work as planned, so it's not really his fault, he took a risk but it didn't work out for him.