Bitcoin Price: British Man Loses $ 2.7 Million In Cryptocurrency After Simple Mistake

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He shared the horror story as a warning to others to protect their millions as the cryptocurrency hits its last volatile patch.

A bitcoin trader has revealed how he lost a cryptocurrency worth nearly US $ 2 million (AU $ 2.7 million) after his password was stolen.

The anonymous Reddit user shared his heartbreaking story in the thread titled, “What’s Your Crypto Horror Story?”.

He shared his story as the crypto market continues to fall – bitcoin slumping from its all-time high of nearly $ 69,000 to around $ 57,000, The Sun reported.

This is a warning about what can go wrong when investing in the highly volatile and unregulated crypto market.

The user – TomokoSlankard – posted that the seed phrase he used to keep his bitcoin locked up had been stolen.

He claimed that hackers entered the server where he stored the code – the criminals then escaped with his 33 bitcoins.

33 bitcoins in today’s money are worth 1.8 million US dollars (2.4 million Australian dollars).

TomokoSlankard claimed that he had only invested US $ 20,000 (AU $ 27,700) to accumulate his initial fortune and that if he had not been robbed he would now be a millionaire.

Cryptocurrency subreddit user Cupojuice posted the thread earlier in the year asking fellow 13k members for their worst crypto “horror stories”.

He said: “Instead of reading up on everyone’s crypto gainz (not that I don’t like you making money!), I would like to share some horror stories.”

His own tragic tale of loss is how he mined one million Dogecoin in 2014 – only for them his hard drive is broken.

This means that he can no longer recover money worth around $ 170,000 (A 235,000).

However, this sum was just a drop in the ocean compared to poor user TomokoSlankard.

“My opening sentence was stolen. It was 33 btc, “the user wrote, and continued,” It was worth $ 600,000 at the time. Now over $ 2 million.

Asked how he lost the password, he said his “backup server was hacked”.

Other users were sympathetic to his plight, while some criticized him for not taking more precautions to protect the money.

Zancrow249 wrote: “It’s painful but it’s not your fault. I hope you will earn a lot more than that.

The townhouse enemy added, “Dang, I’m not a very empathetic person, but even I feel bad for you. It sucks! S ** t changes your life. Oh man …”

“It’s so painful to read such messages, I can’t even imagine what it felt like when you realized all that money is wasted,” Batyrsengoku wrote.

“I hope you will earn a lot more in the future.”

Meanwhile, another user added sarcastically: “Nothing you could not have done to prevent this.”

Other traders also shared their wow stories, including user Bks1981 who said he lost 80% of his portfolio in one day after a series of bad trades.

Another added that he lost his Bitcoin after buying it for $ 6, claiming it was stored ‘f *** knows where’.

Crypto is a notoriously volatile asset in which to invest your money – and experts urge caution when trying to get involved in the market.

Cryptocurrencies are not regulated investments, so there is no safety net if things go wrong and you lose money.

Many cryptocurrencies have a short history, which makes them difficult to understand and predict.

Laith Khalaf, Head of Investments at AJ Bell, said: “Cryptocurrencies are incredibly volatile and that applies in spades to the small new coins entering the market.

“If something can go up by several hundred percent in a matter of weeks, it’s no surprise that it can drop just so sharply in a short period of time.

“As always, the golden rule of crypto is to never invest an amount that you are not prepared to lose in its entirety, so don’t bet the house on it.”

This story originally appeared on The Sun and is reproduced here with permission

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