You must have heard that a lot of people trade or invest in digital
currency and maybe you also plan to trade or invest in digital currency
but after reading this blog you might change your mind.
Michael Terpin,
a man who became famous overnight but
unfortunately for a not-so-pleasant reason. This man was a crypto
investor and lost roughly 1,5oo bitcoins on january, 2018. The money
he lost was worth roughly around $24 million! Yes it is actually a huge
price. Now the question arises how did he lost so much money? He was
actually a victim of Sim Swap Attack.
Sim swap attack is more like a scam in which a type of ‘account
takeover fraud’ that generally targets a two-factor-authentication in
which a second step is a text message or call placed to a mobile, here
the fraud exploits a mobile phone service this is how the fraud gathers
the personal information.
Bitcoin is a type of cryptocurrency. It is a type of digital currency
without a central bank. This crypto currency is widely accepted all over
the world. As it can be sent to user-from-user with very less
complications.
Two factor authentication is a double barrier for your safety which is
generally available in all login platform. If someone else knows your
password and will try to log-in into your account he will require OTP
which will be sent through a call or a text message on your registered phone. We highly recommend using two-factor-authentication because
nowadays it is very easy to know your password.
Coming back to Michael Terpin he is now having a global chain of
crypto-investors who are helping to grow the blockchain ecosystem
through community events. This shows that a man has a lot of ups and
downs in his life but what really matters is that the person stands up
again to face the world. And that is what we can see from this
prominent personality and how he is planning community events even
in the pandemic. And that is a happy ending.
Other such examples of losing crypto currency are listed below
James Howell
An IT worker misplaced 7,500 crypto currency and he knows exactly
where they are but the officials aren’t allowing him to search for it they
stated that it is against the law.
Derek Rose
Derek Rose is an Australian Journalist he lost his life saving ($70,000).
He cashed in his life saving into crypto currencies. He started making a
lot of money by investing he also reached $7 million. He was advised to
cash in but he didn’t listen and continued using the leverage and
quickly lost everything.
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