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In 2020, Algin Tan was having a rough time in his finance career. The 30-year-old had been working in Singapore for a Shenzhen-based cryptocurrency company for a year when it suddenly folded. “It was ultimately a scam. Cryptocurrency is a new thing, and it’s a totally different world,” he tells 8days.sg.

He had invested his life savings of around $40,000 in cryptocurrency, and lost it all. “I didn’t withdraw my money ’cos my supervisor asked me not to, and I listened to him. But I did believe in [my investment],” recalls Algin, who says “the company people just disappeared after that”.

His family members and friends had also invested in the Chinese company’s currencies, but managed to withdraw their money in time and avoid losses. But some of Algin’s friends suffered a loss. “A few of them distanced themselves from me because of the incident. I was quite depressed after that, ’cos I couldn’t answer to my friends,” he says.

Before he went into cryptocurrency, Algin was also a banker at Citibank. He left the job, as he says: “Banking wasn’t really what I thought it was. As a banker, the sales figure is the most important part, no matter what you sell.”

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