NYT: People Earned A Lot by Investing in Crypto Pt. 2

In January, British cryptocurrency investor Carl Graham (28) invested $200,000 in a cryptocurrency called LooksRare. It is a cryptocurrency used on a platform for trading digital collections called irreplaceable tokens (NFT). Two weeks later, he disposed of Luxre and earned nearly $500,000.

Graham, who lives in a luxury apartment in London, invested in Ethereum to become a millionaire. He said he earned at least $1 million from less well-known cryptocurrency investments such as Luxre.

Graham, who worked as a personnel manager, said he was “quasi-retired,” tweeting for hours a day, exercising, and watching movies in the evening. He is a market analyst with 90,000 followers and plans to use the money earned from Luxres investment to invest in cryptocurrency again.

Some people lost a lot of money overnight from investing in cryptocurrency. There are many cryptocurrencies that have fallen down due to soaring prices. There are also many frauds that cause other investors to lose money by suddenly liquidating while aggressively marketing. Ed Moya, an analyst at the cryptocurrency exchange OANDA, said, “There are many social media influencers that inflate useless cryptocurrency.”