Crypto Exchange Exec Recalled How His Life Savings Vanished in LocalBitcoins

What would you do if all your savings were stolen?

The CEO of African crypto exchange Yellow Card, Chris Maurice recalled his painful memory of putting his life savings into Bitcoin (BTC0 and later on becoming a victim of cybercriminals.

In an interview, he remembered the time he is starting and is planning to invest. “Bitcoin was about $200 at the time, and I decided basically I was just going to dump my entire savings account into it.”

He further disclosed that he had approximately $5,000 in his savings back then, with which he bought roughly 21 BTC.

Back then, there was an over the counter bitcoin deposits and he started to tell that “I was holding it all on LocalBitcoins because that was the wallet that I used at the time and I didn’t really know any better.”

Cracking the jokes, he said, “You would think I would have done a little bit more research before just dumping my life savings into something.”

The standards and practice in the industry are cautioning users against holding much of their crypto storage on exchanges and online wallets, as those alternatives give higher security risks while enabling people less control over their assets.

By using the two-factor authentication, or 2FA, on these types of accounts seen as an added strong feature for personal security.

Maurice, despite this, admitted that he failed at it then.

“Somebody got in and took all of it, except for 0.8. That 0.8 Bitcoin I held on to until it started spiking and then sold it 16 days before it spiked up from like $1,700 to like $6,000 or whatever,” he revealed.

“So I kinda got screwed on both sides of that,” he recalled with a laugh as those times paved way for bitcoins rise from $1,000 to $20,000.

Another career and business shift he also divulged is selling his company on Bitcoin on eBay last 2015 which prompted him to build a small business and sell his asset at TacoBell.

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