Home Coins Bitcoin (BTC) Yellow Card CEO reminisces about losing his life savings on LocalBitcoins

Yellow Card CEO reminisces about losing his life savings on LocalBitcoins

Yellow Card CEO reminisces about losing his life savings on

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

“Bitcoin was about $200 at the time, and I decided basically I was just going to dump my entire savings account into into it,” Maurice told Cointelegraph in an interview. Maurice said he had approximately $5,000 in his savings back then, with which he bought roughly 21 BTC.

“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,” Maurice said, mentioning a popular platform used for over-the-counter, or OTC, Bitcoin transactions. “You would think I would have done a little bit more research before just dumping my life savings into something,” he added jokingly.

Common industry practice warns users against holding much of their crypto storage on custodial exchanges and online wallets, as those options pose greater security risks while giving users less control over their assets. Using two-factor authentication, or 2FA, on these types of accounts is likewise seen as a must for personal security, though Maurice admitted he failed to do this as well.

“Somebody got in and took all of it, except for 0.8 [BTC],” Maurice said. “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 added, referencing Bitcoin’s historic year when the asset ultimately rose from less than $1,000, all the way up to almost $20,000. “So I kinda got screwed on both sides of that,” he recalled with a laugh.

In addition to his crypto storage mishap, the CEO also sold Bitcoin on eBay in 2015, and built a small business selling the asset at Taco Bell with his friend Justin Poiroux. 

First published here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
473FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,582FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.16
GBP
1.27
CHF
1.08
NOK
0.10
JPY
0.01
CAD
0.75
AUD
0.70

Most Popular

Tether’s Stablecoin Dominance Drops Below 80% as Audit Controversy Lingers On

The total volume of stablecoins in circulation is closing in on the $20 billion mark, while the market-leading coin, USDT’s share of...

Crypto lending rates are low and DeFi is not competition says Nexo co-founder

Much has been said about attractive interest rates offered by popular crypto lending platforms like BlockFi, Celsius Network and Nexo. However, there are...

Chinese Mining Rig Manufacturer Microbt Announces Offshore ASIC Factory

On Friday, China-based bitcoin mining rig manufacturer Microbt announced plans to create an offshore facility that produces the company’s Whatsminer devices and...

Ethereum still not ready for DeFi, say some critics

As DeFi projects flock to Ethereum, experts warn the network is not yet ready to support the frenzy.Martin Froehler, a mathematician, former hedge fund...
bitcoin
Bitcoin (BTC) $ 10,744.22
ethereum
Ethereum (ETH) $ 357.90
ripple
XRP (XRP) $ 0.242456
tether
Tether (USDT) $ 0.999584
bitcoin-cash
Bitcoin Cash (BCH) $ 221.98
bitcoin-cash-sv
Bitcoin SV (BSV) $ 163.95
litecoin
Litecoin (LTC) $ 45.88
eos
EOS (EOS) $ 2.57
binancecoin
Binance Coin (BNB) $ 26.48
okb
OKB (OKB) $ 6.23
tezos
Tezos (XTZ) $ 2.18
leo-token
LEO Token (LEO) $ 1.23
cardano
Cardano (ADA) $ 0.098041
monero
Monero (XMR) $ 95.46
stellar
Stellar (XLM) $ 0.073129
chainlink
Chainlink (LINK) $ 10.33
huobi-token
Huobi Token (HT) $ 4.63
tron
TRON (TRX) $ 0.026965
usd-coin
USD Coin (USDC) $ 0.997889
dash
Dash (DASH) $ 69.47
neo
NEO (NEO) $ 21.29
iota
IOTA (MIOTA) $ 0.264804
nem
NEM (XEM) $ 0.123650
zcash
Zcash (ZEC) $ 56.21
maker
Maker (MKR) $ 516.06
paxos-standard
Paxos Standard (PAX) $ 0.998697
ethereum-classic
Ethereum Classic (ETC) $ 5.58
vechain
VeChain (VET) $ 0.012881
true-usd
TrueUSD (TUSD) $ 0.999707
ftx-token
FTX Token (FTT) $ 3.66
kucoin-shares
KuCoin Shares (KCS) $ 0.908923
waves
Waves (WAVES) $ 2.50