A bitcoin trader has revealed how he lost a crypto fortune worth almost $US2 million ($A2.7 million) after his password got stolen.
The anonymous Reddit user shared his gut-wrenching story in the thread titled: “What’s your crypto horror story?”.
He shared his story as the crypto market continues to tumble – with bitcoin collapsing from its all-time high of nearly $69k to around $57k, reported The Sun.
It is a cautionary tale of what can go wrong when you invest in the highly volatile and unregulated crypto market.
The user – TomokoSlankard – posted that the seed phrase he used to keep his bitcoin locked away was stolen. He claimed that hackers got into the server on which he stored the code – with the criminals then making off with his 33 bitcoin.
TomokoSlankard claimed that he had invested just $US20,000 ($A27,700) amassing his initial fortune and if it had not been stolen he would now be a millionaire. 33 bitcoin in today’s money is worth $US1.8 million ($A2.4 million).
Cryptocurrency subreddit user Cupojuice posted the thread earlier in the year where he asked the rest of the 13k members for their worst crypto “horror stories”.
“My seed phrase got stolen. It was 33 BTC,” the user wrote and went on: “It was worth $600k at the time. Now over $2m.”
When quizzed on how he lost the password – he said that his “backup server got hacked”.
This story originally appeared on The Sun and is reproduced here with permission