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Yellow Card CEO reminisces about losing his life savings on LocalBitcoins

Yellow Card CEO reminisces about losing his life savings on LocalBitcoins

In his college-aged days, Chris Maurice, the CEO of African crypto change Yellow Card, stated he put his life financial savings into Bitcoin (BTC), discovering it stolen shortly after. 

“Bitcoin was about $200 on the time, and I made a decision principally I used to be simply going to dump my total financial savings account into into it,” Maurice instructed Cointelegraph in an interview. Maurice stated he had roughly $5,000 in his financial savings again then, with which he purchased roughly 21 BTC.

“I used to be holding all of it on LocalBitcoins, as a result of that was the pockets that I used on the time and I did not actually know any higher,” Maurice stated, mentioning a preferred platform used for over-the-counter, or OTC, Bitcoin transactions. “You’d assume I’d have accomplished slightly bit extra analysis earlier than simply dumping my life financial savings into one thing,” he added jokingly.

Widespread business follow warns customers in opposition to holding a lot of their crypto storage on custodial exchanges and on-line wallets, as these choices pose larger safety dangers whereas giving customers much less management over their belongings. Utilizing two-factor authentication, or 2FA, on a lot of these accounts is likewise seen as a should for private safety, although Maurice admitted he failed to do that as properly.

“Any person received in and took all of it, apart from 0.8 [BTC],” Maurice stated. “That 0.Eight Bitcoin I held on to till it began spiking after which offered it 16 days earlier than it spiked up from like $1,700 to love $6,000 or no matter,” he added, referencing Bitcoin’s historic yr when the asset finally rose from lower than $1,000, all the way in which as much as virtually $20,000. “So I kinda received screwed on each side of that,” he recalled with fun.

Along with his crypto storage mishap, the CEO additionally offered Bitcoin on eBay in 2015, and constructed a small enterprise promoting the asset at Taco Bell together with his good friend Justin Poiroux. 

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