U.S. military camps turned into encryption investment groups? Some made millions while others were defrauded of $250,000.

[Coin World] A rather surreal phenomenon was observed a couple of days ago – U.S. military camps have now become investment groups.

The parking lot at the base is crowded with Porsches and Hummers, and many people in military uniforms are teaching others how to trade coins and get rich on social media. It sounds pretty great, but the risks are indeed significant. A lot of people are playing with high leverage and heavily investing in a single coin type, and when the market turns, they might end up crying.

There’s a Coast Guard guy named Bryson Saunders, who heard his comrades bragging about making a fortune with Dogecoin, so he jumped in. Later, he went all in on Bitcoin and Meme stocks like GameStop. He said he just wanted to “get rich quick and retire right away.”

What's even more ruthless is Navy Lieutenant Zach Rodriguez, who, while drifting on an aircraft carrier, was persuaded by a shipmate to throw half of his savings—over 100,000 USD—into coins like Chainlink. His assets did indeed soar, but he also lost 250,000 USD worth of crypto assets to scams. Now he has adopted a laid-back attitude, claiming to belong to the “bitcoin and chill” faction, holding approximately 1,000,000 USD in Bitcoin and related stocks.

Someone leaked the IRS tax data, revealing that during the bull market from 2020 to 2021, the military really got involved. The 2021 tax filing data shows that among the 25 postal code areas with the highest proportion of reported cryptocurrency transactions in the U.S., 11 are located near military bases. Some bases have participation rates more than four times the national average.

The barracks have turned into a casino, and I really don't understand this operation. Money can be made, but there are also quite a few failures.