Bitcoin User Loses Record $1.1M

[jackg]

How can we know that that transaction wasn't made by the scammers themselves in order to create a fake perception that other people are sending money to them?

Yes, I was thinking this could've been what happened too and mightve even been likely. Someone who posted above you also said they expected someone with $1m to not be naive, a scammer could've relied on this too.

Cases like this just prove that there are a lot of people who are incredibly naive and have no idea what they are doing in life. Someone may now try to blame Bitcoin for everything, but the blame is on a person who believes that someone like Saylor is distributing millions of dollars to random people.

Sometimes I forget just how valuable bitcoin has become from when it started though. Not that I'd send money to a doubler but just the denomination and a few other things can throw people off. Hopefully it wasn't all the btc they had too.

[Welsh]

Unfortunately, why is that amount of bitcoin still owned by stupid people? LOL

Those that use Bitcoin aren't elitists, it doesn't mean that you have a higher intelligence than someone who uses fiat, and it definitely doesn't require higher intelligence. I personally want to see as many people adopting Bitcoin as possible, and I believe Bitcoin is a little bit too complex if anything. We should be striving to simplify Bitcoin as much as possible without sacrificing security, so that anyone, and everyone can use it without actually having in depth knowledge on it.

Obviously, security is a big concern especially when your in charge of your own wealth. Banks take care of this with fiat, but I suspect this will also be a thing that happens with Bitcoin or at least some sort of movement where people who aren't comfortable being solely responsible for their Bitcoin will be able to use. Using banks would obviously diminish one of the best features of Bitcoin i.e the freedom it allows. However, banks with Bitcoin don't make a whole lot of sense, at least them controlling it, but I can see a sort of multi sign system setup between them to assure no unauthorised spending or access.

Other than over coming the complexity issue, and the potential security compromises simplifying the technology could have, Bitcoin doesn't require any specialist knowledge to use. It only really requires knowledge, and due diligence to secure it correctly. However, note I use the term "knowledge" instead of intelligence, because anyone can gain the knowledge, as it doesn't require a high intelligence to learn, only time, and effort.

[Pffrt]

While those 26 BTC may not have been the last in his portfolio, and for the owner is not a big loss.

Did anyone claimed he was the victim of this scam? No if I'm right. It is also possible that scammer themselves sent the BTC tx so that other people may get interested to deposit bitcoin on their address. Otherwise, who the fuck with owning such huge amount would be dumb?

[wxa7115]

A bitcoin user lost more than 26 BTC worth $1.14 million to online thieves posing as MicroStrategy chief executive officer Michael Saylor.

Whale Alert stated, "this scam received the single largest payment ever to a fake giveaway."

Saylor said he reports the scammers to YouTube every 15 minutes, and they are pulled down hours later, but the criminals are relentless.

https://beincrypto.com/bitcoin-user-loses-record-1-1m-scam-michael-saylor-giveaway/

Another ironic story. For me, it looks exactly like this. A person who owns 26 BTC falls for the bait of scammers who, allegedly on behalf of Michael Saylor, promise to double his capital. Maybe I'm too skeptical. Having a decent capital in bitcoins, it would be worth checking the information on several channels than throwing away bitcoins, counting on increasing your capital. While those 26 BTC may not have been the last in his portfolio, and for the owner is not a big loss.

Who knows? In order to lose that much bitcoin I think that person was a complete newbie in the market of cryptocurrencies in order to fall in the old doubling scam that we have seen for so many years.

So I am not really convinced this was a small part of their bitcoin portfolio, as that will indicate they were someone that invested in bitcoin early on, but if that was the case then it would have been impossible to fall for such an obvious trick, which by the way once gain shows that the amount of money you have in your wallet does not indicate in any way the the skill level you posses when it comes to managing your money, after all I could understand if someone lost 20 dollars or another low amount to a doubling scam like this and then they learned their lesson, but losing 1.1 millions dollars in something like this? This is probably the most expensive lesson of his life.

[dothebeats]

I don't want to believe that people with such high amounts of bitcoin at their disposal would commit a greedy and rookie mistake such as this. I mean, surely you must be above average in terms of IQ if you managed to have that many bitcoins, or at least decide better than most of us here. One would not easily fall in these stupid scams, but apparently this guy did, and he did it with a huge sum.

This is where greed leads people. And it's certainly not a good place to be no matter where you put it.

[Kakmakr]

Laziness + Greed = stupid decisions. This has been proven time and time again ...and this is what is behind the Millions that are lost to Ponzi Schemes all over the world. The promise to give money for FREE or to give people unrealistic high returns on their investments... is the thing that clouds people's judgement.

The scammer normally use small payments as the hook for the long con, because they "double" small amounts to gain your trust and when you transfer large amounts, they cut and run. (They then use those proceeds to fund the next target)  

[isaac_clarke22]

Going in more detail, it seemed like it came from a live video in Youtube. I recently read this post in Reddit like few hours ago and a discussion in Reddit mentioned that the address of the scammer now contains a total of 87 BTC. Holy crap. Imagine holding that amount!
Here in my country, that certain amount is more than enough for retirement lol.
Source: The scammer who received the single largest payment of 26BTC has received a total of 87BTC.[Reddit Link]

[Hamphser]

Another ironic story. For me, it looks exactly like this. A person who owns 26 BTC falls for the bait of scammers who, allegedly on behalf of Michael Saylor, promise to double his capital. Maybe I'm too skeptical. Having a decent capital in bitcoins, it would be worth checking the information on several channels than throwing away bitcoins, counting on increasing your capital. While those 26 BTC may not have been the last in his portfolio, and for the owner is not a big loss.

Not a big loss for him but we do all know that it is in most people here on this market and we could definitely say that person is just too dumb on not to know about those fake giveaway
or something like that.

Scammers could really masked out themselves anyone which is popular or something like that to take advantage out of those noobs that could potentially able to
be fooled easily.
It is really just odd that someone who do have big capital isnt aware of these things.

[Fatunad]

Another ironic story. For me, it looks exactly like this. A person who owns 26 BTC falls for the bait of scammers who, allegedly on behalf of Michael Saylor, promise to double his capital. Maybe I'm too skeptical. Having a decent capital in bitcoins, it would be worth checking the information on several channels than throwing away bitcoins, counting on increasing your capital. While those 26 BTC may not have been the last in his portfolio, and for the owner is not a big loss.

Not a big loss for him but we do all know that it is in most people here on this market and we could definitely say that person is just too dumb on not to know about those fake giveaway
or something like that.

Scammers could really masked out themselves anyone which is popular or something like that to take advantage out of those noobs that could potentially able to
be fooled easily.
It is really just odd that someone who do have big capital isnt aware of these things.

This do really proves out that not every whales would really be that having kind of knowledge when it comes to scams but same as you said that it is odd on someone who does have big funds dont know on how fake giveaways do existed and its been on this market for a while now and it doesnt really need up some knowledge but rather only needing up that kind of common sense on which you would able to avoid it
out if you do able to make use of it on the right way.Very feel sorry for the man who had lost that million just believing that he could really double up his capital.
Well, its a lesson learn.

[OgNasty]

Going in more detail, it seemed like it came from a live video in Youtube. I recently read this post in Reddit like few hours ago and a discussion in Reddit mentioned that the address of the scammer now contains a total of 87 BTC. Holy crap. Imagine holding that amount!
Here in my country, that certain amount is more than enough for retirement lol.
Source: The scammer who received the single largest payment of 26BTC has received a total of 87BTC.[Reddit Link]

Imagine having 26 BTC and thinking that someone out there will double it if you trust them with all of it.  That is a level of stupidity mixed with greed that you would think would be impossible to coexist.  I guess in this case that's true... 

Greed is such a strong motivator for bad behavior.  I'm not sure who is worse in this scenario, the scammer, or the person willing to put so much money on the line for free money without a care in the world where it came from.  Such opportunities like this are almost exclusively illegal or immoral, so it's hard to feel too bad for someone. 

Who knows though.  I've heard of people taking an Ambien and doing crazy things.  Maybe when things like this happen, prescription drugs are a potential cause? 

[suzanne5223]

If you had 1M USD,would you want to double them by sending the money to a guy,who promises you 100% profit right away?Those "double your BTC" giveaways are a total nonsense.It doesn't make any sense.

Why would I do that again when I was once a victim of the same thing back then when I just join the cryptocurrency investment but I am surprised someone could lose an amount to online theft when everything to need to participate in the MicroStrategy investment scheme is clearly stated on their site.

Rich people can be naive.Who knows?

It is not about rich people because we have seen people who are not rich and have also done the same thing. All this happened because they lack knowledge, time, self-discipline and patience which is whats need to be successful in cryptocurrency

Perhaps this guy is so rich that he could throw away 26 BTC at some "fake giveaway" without caring about the consequences.

You will be surprised that it could be his biggest investment.

[Vaskiy]

Having such a big number of bitcoin gives an outline as one among the early investors or a person who has understood well about the potential of bitcoin and has invested into it. Losing for a scam, that is well known seems like a mood swing. Atleast he could've tried with a very small amount. If he had done that, now such a big loss could've been avoided.

[GeorgeJohn]

The reason while people adventure into this method of scam site, is because of greediness and over multiplication of wealth or over excitement to have have times three of what they have, i know vividly that no one is above or exempted with what they have, so provided that you have develop the mentalities of doubling you what you have to double or triple, they is every tendency to run into fake or scam investment platforms. Only the have to do is to be careful.

[TelolettOm]

I am sure that he is an educated person, he has everything, he is rich, and he can seacrh completed information including has financial consultant with that much money. For me, that BTC is a big amount and how come a person wuth that amount of BTC can be scammed by that way? Is ut because of a greediness? Careless? Or just unlucky?
But I mean, if I have that amount of BTC, I will not invest in something that is not clear like that, moreover in online platform, by YouTube or other promotion.

[Lanatsa]

I am sure that he is an educated person, he has everything, he is rich, and he can seacrh completed information including has financial consultant with that much money. For me, that BTC is a big amount and how come a person wuth that amount of BTC can be scammed by that way? Is ut because of a greediness? Careless? Or just unlucky?
But I mean, if I have that amount of BTC, I will not invest in something that is not clear like that, moreover in online platform, by YouTube or other promotion.

But not everything would be perfect since no matter how rich you are but there are still things in this world which you don't know because theres no such thing about pinnacle of something
or knowing everything on this world.

Maybe this guy been drunk and made out these foolish actions? People wont learn if they wont fucked up themselves but if this one is hella of a rich guy
then that wouldn't be a bothersome amount but for sure lessons do really learnt up.

[Oceat]

Having such a big number of bitcoin gives an outline as one among the early investors or a person who has understood well about the potential of bitcoin and has invested into it. Losing for a scam, that is well known seems like a mood swing. Atleast he could've tried with a very small amount. If he had done that, now such a big loss could've been avoided.

I really don't know if that person is greedy or just naive considering he didn't check any verification first from the scammer or maybe the scammer is just too good at talking that's why the person got lost with the deal. If that's the case, then he surely is feeling greedy that tend to forget the do's and don't if you end someone from the internet. I bet all he did was searching how to double his BTC and visited several sites or is it an email spam why he got scammed.

[crwth]

-snip-
I think the lack of knowledge motivates them to keep on hacking because it still works. It's just sad that they have done it that way.

Of course it will always work, cryptocurrencies these days have made a lot of idiots rich from memes, nft and more to come.

I never thought of it that way though. A lot of people did have a lot of money profiting from the NFTs and many more bounties that could be created from it. I just hope that they would do it for the right things and help other people.

[andriarto]

-snip-
I think the lack of knowledge motivates them to keep on hacking because it still works. It's just sad that they have done it that way.

Of course it will always work, cryptocurrencies these days have made a lot of idiots rich from memes, nft and more to come.

I never thought of it that way though. A lot of people did have a lot of money profiting from the NFTs and many more bounties that could be created from it. I just hope that they would do it for the right things and help other people.

because cryptocurrencies print a lot of new rich people even young people can become billionaires, this happened suddenly not even many people thought it. but behind the happy story, many also have sad stories from cryptocurrencies because of their lack of knowledge. I really hope that the knowledge I have can be used to help people, not to hurt them

[pushups44]

A bitcoin user lost more than 26 BTC worth $1.14 million to online thieves posing as MicroStrategy chief executive officer Michael Saylor.

Whale Alert stated, "this scam received the single largest payment ever to a fake giveaway."

Saylor said he reports the scammers to YouTube every 15 minutes, and they are pulled down hours later, but the criminals are relentless.

https://beincrypto.com/bitcoin-user-loses-record-1-1m-scam-michael-saylor-giveaway/

Another ironic story. For me, it looks exactly like this. A person who owns 26 BTC falls for the bait of scammers who, allegedly on behalf of Michael Saylor, promise to double his capital. Maybe I'm too skeptical. Having a decent capital in bitcoins, it would be worth checking the information on several channels than throwing away bitcoins, counting on increasing your capital. While those 26 BTC may not have been the last in his portfolio, and for the owner is not a big loss.

As Charles Hoskinson has pointed out, social media companies have the technical abilities to more effectively prevent these giveaway scams. Youtube in particular seems susceptible to these giveaway scams via hacked seemingly legitimate accounts. While warning investors about these scams is important, it's also important to hold social media companies accountable.

[LuizX]

Bitcoin was not made to be spent. Not now. There is a misinterpretation of what Satoshi wrote in the Whitepaper: "A peer-to-peer electronic cash system". He created bitcoin to be an electronic money system.
If 80% of the world's population still doesn't understand, they don't know and don't trust Bitcoin. And it's okay, Bitcoin adoption is a long process, but the internet is open to seek knowledge and information, but some just buy it for greed without even knowing what it is....
scammers take advantage of lack of knowledge and greed...