Yuta Misaki loses big on $29m crypto debacle, repents
Japanese entrepreneur and influencer, Yuta Misaki, shared his story of losing $29 million in cryptocurrency investments, cautioning his followers to tread cautiously in the volatile crypto markets.
Yuta Misaki, the 31-year-old Japanese entrepreneur and social media influencer known as “The Green Juice Prince,” has shared his cautionary tale about investing in cryptocurrency. In a YouTube video posted on March 1st, Misaki revealed that he lost $29 million in crypto investments after buying bitcoin at the peak of the market.
He described the investment as a “bet” that went wrong and referred to it on Twitter as “the gamble of the century.”
Yuta Misaki: big hit
Misaki built his fortune by marketing aojiru juice, traditionally enjoyed by older Japanese people, as a diet aid for young women. He has a large social media following, with almost a million YouTube subscribers and 1.5 million Twitter followers.
Misaki admitted to having recently made a profit of several hundred million yen through an initial coin purchase. However, he followed this up with a more extensive and ultimately unsuccessful attempt to make profits on the market.
He invested around $9.6 million in crypto, but his portfolio has now shrunk in worth to just $2.2 million. Misaki described the experience as leaving him “tired” and “nauseous” and claimed that it severely depleted his funds.
Despite the loss, Misaki still holds positions in crypto and hopes to make a turnaround should the market recover to 2021 levels. His cautionary tale has garnered sympathy from followers who have also suffered losses in the crypto markets.
Some have urged him to leave the crypto markets for good and focus on making a comeback in the business world. Misaki’s business, Media Hearts, turned enormous profits in the early 2010s but suffered an unexpected blow in 2019 when tax authorities raided the firm over suspicions of tax evasion.
Misaki was found to have evaded paying some $1.63 million worth of taxes and was subsequently arrested along with two company executives. He recently released a best-selling book chronicling his rise to fame and fortune.