Kazakh resident turns failed ICO into sevenfold Litecoin gains, assets reach $8,200

An investor from Kazakhstan lost funds in a crowd sale, but managed to sevenfold his Litecoin holdings. Local media reported this.

As told by a source from the publication, he works in the industrial sector and has always been interested in investing. In 2016 he participated in the presale of a local project, investing more than 1 million tenge (over $2,300 at the current rate).

“At the time I didn’t take this seriously and didn’t delve into it deeply. In this case, it was more of a gamble,” the investor explained.

However, the project’s founders carried out an exit scam; their coin never made it to the market.

“I simply could not withdraw the money, and I still can’t. In other words, I became a victim of a financial pyramid,” he said.

Around 2018 the Kazakh bought Litecoin for about 500,000 tenge (more than $1,100) and began trading. And at one point his assets grew to 3.5 million tenge (over $8,200):

“I tried various manipulations and tricks. I didn’t end up in the red, but I stayed where I was.”

The investor continues to trade on exchanges and expects further Bitcoin gains in 2021, as national currencies depreciate amid government measures to cushion the pandemic’s impact.

Earlier ForkLog reported how a Russian bought Bitcoin and Cosmos on money saved from school lunches. At its peak, the value of his assets stood at 37 million rubles.

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