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‘How I lost £25,000 when my cryptocurrency was stolen’

August 16, 2019

By: Monty Munford

It’s bad enough realising that somebody’s nicked £25,000 of your hard-earned cash. It’s even worse when you realise there’s little chance of getting it back.

This is the story of how I got my fingers burned in the murky of world of cryptocurrency investment.

Be warned.

After a decade as a tech journalist, I liked to describe myself as a “lunchtime-adopter”, somebody who acted faster than many, but would never be as smart as the early adopters.

So it was with cryptocurrencies. I had heard about Bitcoin, but it was one of those technologies where I nodded my head sagely whenever I was in the same room with those talking about it.

As for investing or speculating, I had absolutely no intention of doing so.

But as the Bitcoin price made its merry way to a peak of nearly $20,000 (£16,500) at the end of 2017 – a rise of more than 100,000% in seven years – my curiosity got the better of me.

So in the middle of 2017, I made some investments, figuring that it was a long-term plan and might even become a nest egg for a pension.

But doing so was utterly terrifying.

Even after a lot of tutorials from very patient friends, I pulled out three times from completing my initial transaction. One wrong press of the key and I thought I’d lose my money.

How prophetic that turned out to be.

There seemed to be two options: to store my crypto on an exchange, or in an encrypted digital storage wallet.

More: https://www-bbc-co-uk.cdn.ampproject.org/c/s/www.bbc.co.uk/news/amp/business-49177705

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