Crypto Case: 22-year-old Calls it His Biggest Mistake After Losing Rs 67 Lakh

22-year-old Google employee loses Rs 67 lakh after investing in crypto, calls it his biggest mistake. Good Day Readers. Today’s news reveals that a 22-year-old man has lost his whopping amount of 67 lakhs INR in wrong investment into crypto currency. Stay with this article to find out more about this news. A 22-year-old Google employee, who recently made headlines by sharing his ambition to retire at the age of 35 with savings exceeding Rs 41 crore, also disclosed his most significant financial misstep in an interview with CNBC Make it. This young techie, known as Ethan Nguonly, serves as a software engineer at Google and enjoys a compensation package totaling USD 194,000 (approximately Rs 1.60 crore). This package includes a base salary of USD 134,000, a 15% annual bonus, annual on-call compensation of around USD 10,000, and USD 30,000 in restricted stock units.

22-year-old Calls it His Biggest Mistake

Nguonly began his investment journey at a young age, guided by his parents, and developed an understanding of the value of investments and prudent spending during his teenage years. Reflecting on his most substantial financial error, he disclosed that between November 2021 and June 2022, he incurred losses amounting to about USD 80,000 (approximately Rs 67 lakh) after investing in cryptocurrencies.

22-year-old Calls it His Biggest Mistake

His investments primarily involved bitcoin and ethereum, with some additional investments in cryptocurrencies like shiba inu and dogecoin. He even borrowed USD 15,000 to invest when bitcoin’s price was soaring. However, as the crypto market experienced a significant downturn during the summer of 2022, Nguonly faced substantial losses, including USD 30,000 of his invested capital and USD 50,000 in unrealized gains. Nguonly conveyed to the publication, “I was investing with funds that I didn’t really possess,” and further explained, “When the crypto market shifted course, my losses were significantly magnified.”

In other news, Google’s parent company, Alphabet, recently announced layoffs within its recruiting team. Although the exact number of affected employees remains undisclosed, hundreds of employees reportedly received termination notices. Earlier this year, Google had also announced its intention to lay off 12,000 employees in January, and later, employees in its Waze mapping app division were let go as part of the integration of the app into Google Maps products. Chris Philips, the head of Google’s Geo unit, communicated the layoff decision to employees through an email.

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