[2017-06-29] Revealing Your Digital Currency Holdings Online Is a Horrible Idea

[ivanpoldark]

This week a cryptocurrency trader who traded altcoins and bitcoin on the digital currency exchange Bittrex lost over 7 BTC ($18,000 USD) while recording the entire theft. The trader from New Zealand revealed his testimony and believes he was hacked by malicious bots created to steal digital assets.

A Trader’s Worst Nightmare

 trader named Shayne who calls himself “Crypto is Key” detailed an unusual experience watching his Bittrex account that held eleven BTC drain down to four BTC. The victim explains the Bittrex account was shared with a buddy of his who helped him make decisions and trades. Additionally, he says the account was protected with two-factor authentication and a very long password. However, when he woke up and logged into Bittrex, he noticed his holding were being sold, and his account was missing 7 BTC which was withdrawn to an unknown address.

“Everyone’s worst nightmare concerning trading is losing their wealth to thieves,” explains the Bittrex trader.

   

     Last night I was in the nightmare, and what’s worse is I had to fight while they tried to take my last four Bitcoin.

Continue reading - https://news.bitcoin.com/revealing-digital-currency-online-horrible-idea/

[rivercityjon]

Wow, he posted his API key in YouTube videos...

[freedomno1]

For your janitoring in case you review this later you double posted ^^
https://bitcointalk.org/index.php?topic=1993873.0

[Coin-Keeper]

Too many errors to count here.  Once again we have coins being stored in an online exchange.  Will folks never learn?

[richardsNY]

Once again we have coins being stored in an online exchange.  Will folks never learn?

As long as people value convenience over security, they will continue to do this. Problem with these people is that they keep them there to [1] save on fees, and [2] they want to have their coins ready to sell. People will only learn that this is a horrible way of storing coins, when things go horribly wrong, and they as result lose their coins. I don't think this will ever change.

[veleten]

calling himself trader,stores assets worth over 7 bitcoins online
wonders how the hell he could have been hacked,shows his API key on youtube
sigh,some people are too newb to be allowed to trade

[aso118]

Too many errors to count here.  Once again we have coins being stored in an online exchange.  Will folks never learn?

Apparently, only after costly mistakes. 7 BTC for this victim is a pretty high price to pay.
Previously, people used to leave bitcoins on exchanges purely for convenience. Now, it is to avoid frequent transaction fees.