Google Techie, 22, Loses Rs 67 Lakh To Crypto Scam. He Had Planned to Retire At 35
NDTV
The techie shared that he lost Rs 67 lakh in crypto between November 2021 and June 2022.
22-year-old, Ethan Nguonly, a software engineer with Google recently talked about his biggest financial mistake. Mr Nguonly revealed that he lost about Rs 67 lakh by investing in crypto on margin- it means using borrowed money to purchase cryptocurrency, CNBC Make It reported.
The young techie, living in Orange County, California started investing in the stock market with the help of his parents before he was a teenager. His investment portfolio includes more than Rs 1 crore in retirement and brokerage accounts, plus two houses.
The techie shared that he lost Rs 67 lakh in crypto between November 2021 and June 2022. He told the media outlet that his losses include Rs 24 lakh of his original investment and an estimated Rs 41 lakh in unrealised gains. He told the publication that he had already invested around Rs 33 lakh in Bitcoin and Ethereum, apart from a few hundred dollars that he used in altcoins like Shiba Inu and Dogecoin. But as bitcoin's price went on a tear, he decided to buy more - about Rs 12 lakh worth - on margin.
