{"id":402390,"date":"2019-10-25T21:00:12","date_gmt":"2019-10-25T21:00:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=402390"},"modified":"2024-06-11T13:31:30","modified_gmt":"2024-06-11T13:31:30","slug":"crypto-sim-hack-somber-reminder-to-never-invest-more-than-you-can-afford-to-lose","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/crypto-sim-hack-somber-reminder-to-never-invest-more-than-you-can-afford-to-lose\/","title":{"rendered":"Crypto SIM Hack: Somber Reminder To Never Invest More Than You Can Afford to Lose"},"content":{"rendered":"

The crypto<\/a> market is a volatile market, and the emerging class of digital assets can both make millionaires overnight and completely wipe out one\u2019s wealth in days.<\/span><\/p>\n

It\u2019s also a wild west environment, rife with scammers, hackers, and more at every turn. A recent SIM-card hack resulting in a substantial amount of crypto being stolen, is the perfect reminder to enter invest more than you can afford to lose when it comes to the world of Bitcoin<\/a> and cryptocurrency.<\/span><\/p>\n

SIM-Card Hack Victim Loses $1.8 Million Made From Home Sale<\/h2>\n

California native Seth Shapiro<\/a> recently sold his family home where he and his wife resided, and took that money and invested it into cryptocurrencies like Bitcoin<\/a> and Ethereum.<\/span><\/p>\n

Related Reading | Send Bitcoin and Other Crypto To Uncensorable, Personalized Domain Addresses\u00a0<\/a><\/strong><\/em><\/p>\n

The bold move had the potential to make him a fortune, but also put the proceeds of his home sale at serious risk if the market took a downturn and values of leading crypto assets began to plummet once again.<\/span><\/p>\n

Instead, though, Shapiro fell victim to a SIM-card hack, where hackers were able to gain possession of sensitive account information and two-factor authentication codes that protected access to Shapiro\u2019s crypto accounts \u2013 which the hackers were then able to empty.<\/span><\/p>\n

https:\/\/twitter.com\/wyatt_privilege\/status\/51225344?s=21<\/p>\n

In total, Shapiro was robbed of $1.8 million in crypto, with some of it being related to business initiatives, while the remainder was funds that were derived from the sale of his home. Shapiro now says that he doesn\u2019t have enough money to buy another home for his family, and it\u2019s caused great feelings of instability and anxiety for this entire family.<\/span><\/p>\n

While hacks like these are difficult to protect yourself from,\u00a0 <\/span>such an enormous amount of money \u2013 proceeds from the sale of his own home \u2013 should never have been put at such risk. Among the first things crypto investors are told when they are considering investing in digital assets like Bitcoin, is to never invest more than they can afford to lose<\/em>.<\/span><\/p>\n

Beware: Irresponsible Investment Advice Offered to Crypto Investors<\/h2>\n

The irresponsible example of risk and loss comes just a day after a prominent Twitter account with over 9,000 followers, publicly suggested that taking a home equity loan of 85% the value of one\u2019s home to buy Bitcoin was an intelligent idea. The influencer said that an 85% loan on a million dollar home could buy over 100 BTC, and that anyone who did that would essentially be set for life, and once Bitcoin reached $87,000, it would net the individual a nearly $10 million dollar profit.<\/span><\/p>\n

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Did you know that if you're a homeowner you can typically borrow up to 85% of the value of your home? So on a property worth $1 million with no outstanding mortgage, that's $850K. At the current price, you could acquire over 100 Bitcoins. In November 2020, the price is…<\/p>\n

— Mike In Space (@mikeinspace) October 24, 2019<\/a><\/p><\/blockquote>\n