This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.
As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.
The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“
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Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prisonThere is no doubt that in cryptocurrency, always use money that you have no problem losing.But in whatever business you invest, it is very important to have experience or to have complete knowledge about that business.Whenever investing in the cryptocurrency market, be sure to check where you are entering Whether it is a suitable time to take entry or not.
When the price of Bitcoin was $50000 you took an entry, when the price of Bitcoin went to $15000 you did not take any entry.Where the entry was not made, it was taken and where it was made, it was not taken.This is because if you took one entry at $50,000 and another entry at $30,000 and then a third entry at $15,000, you would lower your average.Hence you should never enter any cryptocurrency with their entire capital.