Altcoin News: Journalist Lost £25,000 in Cryptocurrency Due to Trivial Error

August 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Journalist Monty Munford covering the technology sector shared a story with the BBC about the loss of £25,000 in cryptocurrency. Thus, Munford wanted to warn the newcomers of this space from repeating their mistakes in the “murky of world of cryptocurrency investment.”

Munford managed to lose cryptocurrency assets quite easily. To store cryptocurrency, in this case, Ethereum, he used the wallet myetherwallet.com. Having saved the private key in paper form, the journalist decided to “play it safe” and left a copy of it in draft copies of the Gmail service.

Having built up his cryptocurrency assets, Manford decided to make sure that they were safe, but when he went into his wallet, he found that it was empty. The author himself did not fully understand how his wallet was hacked, however, everything indicates that the private key was stolen from the cloud service.

MyEtherWallet recommends using a private key as a last resort to gain access to cryptocurrency assets, while hardware wallets such as Ledger Nano S and Trezor or BC Valut are the most preferred means.

Munford got in touch with law enforcement, friends, and experts, but, as expected, was unable to track down. In the end, the journalist complained that cryptocurrency wallets are not protected by the British financial services compensation scheme, which guarantees coverage of £85,000 for bank accounts.

Last year, the famous crypto blogger Ian Balina suffered in a similar way, the wallets of which the attackers began to empty right during a live broadcast.

Author: Marko Vidrih