A Goldman Sachs executive has resigned following cashing in a fortune from a cryptocurrency investment.
Aziz McMahon, Goldman’s managing director and head of emerging market sales in London, resigned following making millions of pounds from a bet on the digital currency ether.
McMahon is believed to have cashed in at least £10 million ($14 million) worth of cryptocurrency.
Earlier reports from eFinancial Careers and The Guardian had said McMahon had left Goldman after making money from dogecoin.
It is possible McMahon may have had some stakes in dogecoin, too. He is thought to have now formed his own hedge fund, eFinancialCareers reported.
Goldman Sachs confirmed McMahon’s departure. However, declined to comment any further.
Ether, digital token
Ether, the digital asset McMahon is said to have invested in, rose more than 400% since the start of 2021. Created some six years following bitcoin, ether is based on a different technology known as Ethereum. Ether and ethereum are often used interchangeably to explain the currency.
Bitcoin and other cryptocurrencies have fluctuated wildly lately. The entire market lost as much as $365.85 billion following a tweet from Elon Musk that said his electric car firm Tesla would stop accepting payments in bitcoin due to environmental concerns over the cryptocurrency.
Musk’s favored crypto is dogecoin, a token that started out as a joke in 2013. Inspired by the meme “Doge,” featuring a shiba inu dog and cartoon-style text, dogecoin was intended by its creators as a “fun” alternative to bitcoin.
It’s since gained a growing community online recognition and is now the fourth-largest digital asset by market value on CoinMarketCap. Although the advocates like to call it the “people’s” crypto, investors warn dogecoin is a sign of froth building up in the crypto market.
