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”.
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“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