I’m a student and put all my savings into crypto but lost EVERYTHING after making a terrible mistake

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A GUTTED student shared how they lost EVERYTHING by making a huge mistake after pumping all of their savings into crypto.

The naive investor said that over the past few years they have “slowly accumulated” different crypto coins.

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Student lost his savings after putting everything in cryptoCredit: Getty

Speaking to Reddit to reveal his grief, the student, posting under the username TrulyWacky, said: “One mistake made me lose everything.

“Because my portfolio grew very quickly, the majority of my net worth was in crypto (around 90%), so I guess another mistake was not taking a profit.

“I’m a student, and it was money that changed my life.

“I got ripped off and revealed my private key, and my wallet was cleaned.”

The devastated student added that he would now “cut losses and start from scratch.”

“Be careful and careful,” they added.

Meanwhile, a man revealed he woke up to find he lost nearly $ 500,000 (£ 378,000) in a cryptocurrency scam.

Brian Nyugen admitted he became a victim after the developers of AnubisDAO – another dog-themed cryptocurrency like Shiba Inu – allegedly stole $ 60million (£ 40million) from investor money.

Buying any cryptocurrency is incredibly risky.

With any investment, there is a risk that the value of your money will go down as well as up. This means that you should only invest the money that you can afford to lose.

Crypto can be riskier than other investments because they are volatile and speculative – their price often rises and falls very quickly, sometimes seemingly for no reason.

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

This type of investment is also not protected by the regulator, which means that you have no protection if something goes wrong.

The British regulator has warned that the British risk losing ALL of their money if they invest in cryptocurrencies.

If you are considering investing in any type of crypto, do your research first and invest only the money you can afford to lose.

Also beware of scams, as the crypto market is often a target for fraud.

Look for fake celebrity mentions or social media profiles pushing certain pieces.

The risks of buying with cryptocurrencies

Investing and making a purchase in cryptocurrencies such as Bitcoin is risky.

Their value is highly volatile, and the city’s watchdog, the Financial Conduct Authority, has warned that investors should be prepared to lose all of their money.

Investing in cryptocurrencies is not a guaranteed way to make money.

You should also think carefully before making purchases with cryptocurrency.

For example, Bitcoin has seen crazy price swings in recent months and the price can change almost hourly.

The price of a Bitcoin was $ 40,258 on January 9, according to Coindesk, but fell to $ 34,214 three days later.

That’s a 15% drop.

These price fluctuations are risky for a business because you can sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money in a sale.

Likewise, the price of Bitcoin has climbed over 21% since the start of this week, so it can be difficult for a buyer to get a clear idea of ​​the price of an item if its value changes on a daily basis.

I bought a £ 150,000 Lamborghini with just £ 80 of Bitcoin after the crypto exploded 320,000% in 7 years

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