Bitcoin Forum

South Korea is experiencing volatile cryptocurrencies during the rapid price trend of Bitcoin and other altcoins. Such a scenario has led to very successful transactions for the country's middle class in profit from the cryptocurrency market.
According to Korea's JTBC television network, employees of large companies such as Shinhan Card, Samsung and LG Electronics have claimed to have made enough money to easily resign from their current jobs.
Evidence suggests that these individuals successfully own millions of dollars' worth of cryptocurrencies.
One of the traders, a former Shinhan Card employee, told JTBC that he had raised almost 3 billion won ($ 2.7 million) and that such astonishing profits had been made during high-risk trades.
In fact, he invested his life savings and some of his loans in cryptocurrencies and resigned from Shinhan Card last month after making millions. Interestingly, he has now become a full-time YouTuber to share his success in cryptocurrencies.
According to a previous report, the former Samsung employee made a profit of $ 36 million in the cryptocurrency market.
Another former employee interviewed by JTBC claimed that after investing just 50 million won ($ 44,670) in cryptocurrencies, he made a profit of about 40 billion won ($ 36 million).
None of the above interviewees revealed which cryptocurrencies they had invested in.
However, an unnamed Yowido-Dong employee in Seoul refrained from investing in Bitcoin (BTC) and told JTBC media that many people were investing in the cryptocurrency market, but that was the case. It is anxious and dangerous.
According to a recent Bitcoin.com report, the crypto market in South Korea continues to experience a booming market. According to research, local investors in the cryptocurrency market traded about $ 7 billion daily from January 1 to February 25.


Source: https://news.bitcoin.com/former-employees-from-major-south-korean-firms-quit-their-jobs-after-pocketing-millions-in-crypto-profits/

I read the news and found out that they might have won big on crypto investing. The companies did not disclose the reason for their resignation. I don't know how long they'll benefit from their investment, but giving up a job is also about giving up a career skill. Hopefully, they won't lose any of the money they won.

From roughly $45,000 worth of investment I could say that he might not have "invested" in a crypto but rather traded it on a frequent basis not unless he have bought a cryptocurrency for such a crazy low price I don't see him profiting around $36 Million Dollars or he might have more capital than that. Nonetheless South Koreans are known for their high risk appetite and I could see him profiting in daily trades that is why he reached to that level. Hopefully other South Koreans would have the same fate as what he had as this might affect their economy as a whole if everyone suddenly have a negative portfolio.

from here we can learn that no matter how long we work in a company, in the end the decision to put forward a bright future is to invest finances from the first day you leave the company (like the employee did). that way when they stop working, there will be results waiting in sight. both for himself and for the future of the family.
very inspirational, because with that the financial management for the future has been answered, what and where our money should be managed.

Most of us desire early retirement. Some want to put up a business of their own. What's great about investing in crypto and/or other financial instruments is that you can do it without the need to give up your daily job or business. Even if you decide to become a day trader, it won't take much of your time, so you can still take care of your other income streams. That's most likely what these Korean investors did, and it played out well for them.

Ugh, most of these "professional Youtubers" are so fucking annoying, and all their videos are in the same format.  Spoken word intro followed by some stupid music, and then "subscribe and be sure to smash that like button, blah blah blah".  It's amazing that people can make a living doing that.

Now as far as those Koreans who made millions trading cryptocurrencies during the boom, that's great for them.  If you had (or have) enough money to invest, and enough balls to do so--and you pick the right coin(s), it would have been pretty easy in the past couple of months to make a fortune.  It doesn't take a lot of brains to do so when the market is raging like it has been; it just takes enough money to multiply.

But retiring early never appealed to me personally.  I'd prefer to be doing something useful with my life instead of just lounging around (or making Youtube videos about how much of an investing genius I was for getting rich during a time when no one could lose).

The thing is, investments don't always end up as a means of acquiring riches, there's still quite a lot of risks you'll have to face as an investor, the individuals in the article OP posted were lucky, prolly cause they invested luckily at the right time, but the case is not always that for every regular Joe out there; even Bitcoin isn't a 'safe Haven asset' as of yet, and imo, even before or after making ROI from Bitcoin or whatever crypto it is, quiting your job IRL should never be an option. Having said that, despite how positive the news may seem for crypto in the media, I still have my concerns on the misconception it could create for some that crypto is all a 'get rich quick scheme'.

It is not clear which coins they invested while one said that he refrained from investing in BTCitcoin  ::). May be the reason behind huge pumps in the alt coin market can be attributed to massive investment from users who look for coins that have smaller valuation and when the market rallied all the coins followed and many are hovering over their all time high valuation and anyone who invested money in the market last year would definitely profited during this rally.

About retirement after making a fortune i think it was a bad move as they were working in reputable companies and if you are not smart with the money you earned it will vanish quickly as they gained.

Anyway, they feel that they need to quit their jobs early. Who knows, they are already fed up with what they are doing everyday? So for me, it is their decision to quit if they feel they have more than enough for their retirement funds. They are lucky to gain huge amount of money that can afford them to quit their jobs. They can always put up their own business and be their own boss. So quitting is really not bad at all.

When you raised enough money so called few millions then you won't be willing to work for someone since you know how to make more money on your own that is the reason why they resigned their jobs which isn't surprising.

But these people uses media to get the fame so they can get those stupid subscribers and keep making their money via youtube videos as well.

It is a really big decision to do for someone who earns money and not to mention that South Korean cities are the most expensive cities to live in. That's our only way to help them,hope that they don't regret their decision.

Man here we are discussing the success of a few people, who knows how many actually lost instead no? It's great for them no offense, just that these types of articles often picture investing in crypto as something easy when in fact, it takes a lot of luck. Especially for them, increasing their capital by a huge number would require enormous amounts of luck, and not anyone could have that experience.

I'd also reckon that they didn't actually invest in Bitcoin, or rather not entirely anyway. The profits they got were way too big after all, so probably multiple altcoins that boomed, which they took advantage of, managed to make them into quite the billionaires.

Ngl, I'm pretty sure the first wins would be attributed to luck, and then the rest of the vids would center on him making "analysis" and whatnot. It's all the same no matter what crypto YouTuber you watch imo.

No, I don't think that they will be quitting their jobs if they didn't hit it big in the crypto investing and considering the decision that they did, I am sure that they hit it big time. You are right that we should find more ways to make an income but it is not a good advice that we say that we should decide to quit when we don't have anything to fall back on.

It does take obsessively throwing money at every new thing that seems even a wee-bit legitimate. If these projects end up having even a website and these people catch them early, they are sure to multiply initial investments many times by the time they become used widely. A lot of these crypto influencers and youtubers are being paid by the projects themselves to create hype and ensure a "return" for the seed-round investors. It is an easy cycle of returns for them where there proclamation of returns become a self-fulfilling prophecy.

This has become the easiest way to make money currently known to man. By the time normies enter, these projects tend to get plateaued but still retain users because everyone is waiting for their own exit.

To be honest, having  tens of million dollars; making youtube videos about it while marvelling at your own genius about how you made it in life and feeling all fulfilled about helping others do it too, doesn't sound so bad.

The sudden rise in a bitcoin made many millionaire. It's not a wonder and happened around me too. My friend became a millionaire by blind stake holding of bitcoin.But it's easy to plug the mangoes from the tree.But it's hard to grow a mango tree till it reach to give of mangoes.My friend holding bitcoin over 4 years. He doesn't depend on that.So he made a long term holding and profit.

I don't know what the crime situation is in South Korea, but going out in public with your name and the amount of money you own is like drawing a target on your forehead or someone in your family. It seems to be true that money acts like opium on some people, I just hope it doesn’t hit them in the head sometime in the future.

I also think news like this sends a very bad message to the public, because how smart is it to invest all your savings and borrowed money in something as volatile as cryptocurrencies? If things had turned out differently, we might have read today how some of them threw themselves off the building or took their own lives in some other way.

This seems honestly like a dream come true for many people. I do think this is genuinely a good thing. These people worked hard and invested all at the right time at the same time thing like this would have taken years for people to achieve if done normally through a normal job without any investments. Cryptocurrencies have for sure provided people with the redistribution of wealth and a chance to do something big.

Well I do not think that this does send a bad message to other people because at the end of the day it's their money and they took a risk at at ! This is pretty traditional thinking. If they did resign and invest that does mean that they were taking care of everything, Saving a small amount in normal bank also and paying all their bills. I do think people would not have borrowed such a huge sum but even if they did I do think we have to realize that many companies have started lending cryptos for trading and that's all the same concept. So why glorify one and criticize other ?

If they have made a huge amount of money like that and decided to resign in their respective jobs, they should spend their money wisely. If I were in their shoes, I would not just simply rely in the performance of these cryptocurrencies and I would put some percentage of it to start a lucrative business that could give me real passive income in the long run. There are no astronomical guaranteed returns, so either way it could rise or fall in value. It's really essential for us to manage our finances well.

In late 2017 when I started banking big on cryptocurrencies, I started relying too much on them. As a result, my funds are easily drained because of not managing my finances well. I felt guilty that I actually have more expenses than my income because of being too reliant on the cryptocurrencies I hold. Although there is nothing wrong with that as long we know how to manage our risks and finances.

What rises rapidly, falls rapidly at full speed too, I wouldn't be that much confident to make my life fully dependant on trading. Well, if he owns millions, he can start a business and move on low risk / good reward things.

To be fair, I don't like the current trend, people really quit their jobs and prefer to day trade. A lot of people saw profits now and are in euphoria. I want to remind them that bitcoin was 1800 USD in September, 2019. Also, it was 3800 in September, 2019. ATH was 20K. Something like this will happen in near future and these people will panic sell their coins and lose their minds, I know that will happen, they aren't psychologically that strong for this cause they are just in euphoria and brain fog. But... They know their life better. At least mistakes are a great opportunity to learn and remember from.

As long as they have legally and properly did their exit and resignation with good clearance and rendering, It might we don’t have a spot to criticize.
It's actually normal for a person who had big wins to quit their day job.  Like why not? The price they had won will stay at least 2 years.  And that 2 years will already build a lot of memories, knowledge, lessons, heartbreaks, and new heights.  So I think, that's never a bad decision.

They can always go back to the same role they had in their work and also have more influence and a better portfolio than having a million-dollar portfolio. Probably it would possibly open a new door to them too.

Let’s just be happy with their achievements!  Good job for them!

It's really amazing that the employees of the company have risk taking capabilities and they decided to invest their money in crypto market which is highly volatile.The simple rule of trading is high risk high returns and same has happened with them as they have invested their life savings into crypto market and they have got unexpected returns.You cannot make millions or billion by working from 9-5 job which is not giving you any future guarantee.Trading or investment is best option if you want to secure your future.Definitely why would they work when they have saved enough for their remaining life but the main point is to cash out profits from the market before bull run ends and if you have not then this could be risky and loss generating factor.So you need to know your exit plans and how to make profits in the long run also.

Yeah, I won’t be surprised if some people after seeing this news will go and start investing their savings and also take loans to invest in cryptocurrency, just because they saw that someone did it and was successful. Anyone that has plans to do such a thing should have it in mind that it might not turn out the same way for them, because they are about to take a huge risk that is going to affect them badly and put them in lots of debt if things should go wrong. Anyone that has plan to invest money should be making sure that the money that’s being invested is money that belongs to them and they can handle it if things goes wrong.

When it comes to crypto investment then it would really be giving out those kind of chances for you to make yourself rich but of course it would really be varying on what coins you are investing into because not all would really be guaranteed will able to pump out which would make the result on making lots of profits and also it is indeed some mix of luck because choices isnt really something simple specially if you do saw the
market had been flooded out with lots of coins in the market which would make the situation even more harder.Once you do get millions of profits then who would be the one would stick out into their
8-5 jobs? For sure majority will definitely be doing the same step and its good that crypto market can really give off these kind of chances.

I hope that this will not become a mass phenomenon and Samsung, as well as other South Korean companies, will still have working and most importantly competent employees who will develop and produce good electronics and other useful goods  ;D But seriously, I am very happy for those employees who have earned good money in the crypto market and are engaged in other favorite things. I also hope that the number of people who have benefited well from such investments is greater than the number of employees who have lost their savings on this investment. Everything should be approached reasonably and it is not necessary to arrange gambling from crypto investments with loans. You just need to have a fairly good knowledge of the information on this topic of cryptocurrencies and not try to earn everything at once ;)

This is the common scenario when a regular employee already makes a lot of profit from his own investment that taking the paycheck on doing the job, and maybe they are also planning to have their own company which makes them more worth it so I don’t think giving up will hurt your career, this will always depend on what steps you’ll take next. There’s a lot of ordinary people who become rich because of crypto investment, and that’s why many are still coming into this market for the hope of becoming rich soon, we cannot blame them.

Another sensationalised news though, I bet there are thousands of us here we invested early as well, then quit their job because they have made so much money in bitcoin. Even in the bitcoin bull run in 2017, I remember others quitting their day job to focus on crypto trading, bounty hunting etc, everything that relates to crypto and making money and bringing food in the table for their families.

So for the former Samsung employees, good decision for them, it just shows that with good enough invested, a bit of luck regarding your entry points, you can rake and be a self made millionaires here in crypto space.

Theres a whole movement globally for people who want to retire early, some do it evenly and in a planned way and others put it all on red and spin the wheel.,   Either way can work but the real test is keeping hold of your riches and appreciating the various changes in market over time, retaining wealth vs costs is not as easy as it appears at first.   I wonder what the tax laws in Korea might be for large capital gains, seems most government dont like people gaining alot at once without giving them some also and by some I mean maybe as much as half.