Goldman Sachs MD quits after making millions from Dogecoin: Report

A Goldman Sachs executive in London has reportedly quit the company after making millions from the Dogecoin frenzy.

Aziz McMahon, a managing director and head of emerging market sales at Goldman Sachs in London, resigned from the company after allegedly making money from Dogecoin, the cryptocurrency, touched record highs, eFinancialCareers reported.

Employees of the company confirmed the news to the publication and it is thought that McMahon may be starting a hedge fund.

Moneycontrol could not independently verify the report.

SpaceX and Tesla chief Elon Musk's favourite cryptocurrency has gone up more than 130-fold this year. SpaceX announced the "DOGE-1 Mission to the Moon" in the first quarter of next year, with Musk's commercial rocket company accepting the meme-inspired cryptocurrency Dogecoin as payment.

However, Dogecoin lost more than a third of its price on May 9, after Musk called it a "hustle" during his guest-host spot on the Saturday Night Live (SNL) comedy sketch TV show.

McMahon isn't the only one moving towards the booming crypto craze. Reportedly, Luyi Zhang, a former senior quantitative analyst at Bank of America in New York, has started working at Coinbase as a senior software engineer. Jesse Bornstein, who launched Nomura's trade finance business in New York, recently quit to become VP of institutional sales at Stakehound, a company that issues tokens allowing owners access to decentralized finance, the report added.

(Inputs from Reuters)