Lessons From the Biggest Bitcoin Losses in History.

[DYOR+BTC]

Don't wait for it to come because it might land on you in a very bad way, crypto scam is real and those who are affected never wish the were, there are lots of mistakes we do from our end in which permit for any form of scam to penetrate to us, because the scammers will always be looking after a particular vulnerability to serve as routes for them to attack, this is where we don't have to play with the security and privacy in crypto.

Yes avoiding lost in bitcoin is the best investment process in bitcoin because most lost are very difficult to get away with as it is like a stamp that can not be erased know matter what is based to do so.
All successful investors are once with unimaginable consciousness in all there activities because it is better to learn from the pains of others to to be used as a case study. To do away with it one must be careful in the type of decisions he takes and also avoid greed because greed is the key to failure

[suhadi88]

Also apart from being scammed, the other ways that people having been loosing their bitcoin is when they go and start storing their bitcoin in an exchange. Exchange are not a reliable way for person to store their bitcoin. Custodial wallet should always be us

Of course, even though we can only stare at our assets on the screen because they hold custody, we're still somewhat secure, especially if they don't mess with our funds. However, if the platform is robust, user funds can still be safe if they're hacked because they're bound by regulations, unless they collapse/go bankrupt, as in the past cases of FTX or Mt. Gox.

And what that sometimes infuriates users is cases of access restrictions and delays in large withdrawals to their bank accounts, citing the classic excuse of suspicious activity being detected, even though the withdrawals were made to accounts in their own names.

[laijsica]

Don't wait for it to come because it might land on you in a very bad way, crypto scam is real and those who are affected never wish the were, there are lots of mistakes we do from our end in which permit for any form of scam to penetrate to us, because the scammers will always be looking after a particular vulnerability to serve as routes for them to attack, this is where we don't have to play with the security and privacy in crypto.

Yes avoiding lost in bitcoin is the best investment process in bitcoin because most lost are very difficult to get away with as it is like a stamp that can not be erased know matter what is based to do so.
All successful investors are once with unimaginable consciousness in all there activities because it is better to learn from the pains of others to to be used as a case study. To do away with it one must be careful in the type of decisions he takes and also avoid greed because greed is the key to failure

I have not heard of anyone losing money on Bitcoin, which means I have not seen any long-term investors who have lost money on Bitcoin. They were more motivated and kept depositing Bitcoin. And they regretted panic selling.

There is no substitute for patience if you want to be involved in Bitcoin depositing for the long term and want to be successful in investing. If you study the case studies of investors who have lost money, you will realize that most of them had panic sold during the price decline. Or, those who lost money were greedy for short-term profits.

Emotional decisions are another reason for losses. To be successful in Bitcoin investing, stick to a long term plan and avoid putting pressure on your daily finances. Regular Bitcoin deposits through discretionary income and keep cash flow always be available for leading better position. Always be prepared for emergencies.

[kawetsriyanto]

The crypto space has always been a magnet for scammers because there is big money there.

Besides there is big money in crypto, scammers also can do varied ways through online activities. They can come from anywhere around the world because the digital world makes it possible for the scammers.

Fraud will never be 100% eliminated, but we can make our assets safer because fraud always takes advantage of our ignorance. It is very important to secure assets first with the principle of "Not your keys, not your assets) and prioritizing DYOR.

Indeed, it is impossible to stop frauds 100%. They come from anywhere around the world, how to stop them? Even, many of them are difficult to identify. So, they are free to do anything they want and they can appear at any time.

Sure, we can do preventive ways such as storing assets into non-custodial wallets because this kind of wallets is safer.

From my observations so far, not only in the crypto space, big money has always been the favorite place for fraudsters. The victims are often those who are in the most hurry and ignore all risks and those who are lazy to read or do DYOR.

True, it can happen at any field, it doesn't only in crypto. Fraudsters always try to deceive people anywhere.

[Out of mind]

Don't wait for it to come because it might land on you in a very bad way, crypto scam is real and those who are affected never wish the were, there are lots of mistakes we do from our end in which permit for any form of scam to penetrate to us, because the scammers will always be looking after a particular vulnerability to serve as routes for them to attack, this is where we don't have to play with the security and privacy in crypto.

There should be no compromise on security and privacy in the crypto world. There is a high chance of losing money due to a small mistake in crypto, especially when the seed phrases are not kept in a safe and secure place. Moreover, in the crypto world, there are often various traps of fraudsters who are new and do not understand much, due to which they have to fall victim to fraud. Fraudsters always look for weaknesses, wherever they are successful, they spend more time there. Those who step into their trap lose their money immediately. Those who are greedy in the hope of making more profit in crypto often bring their own losses. However, in every case, we have to be careful because most of the time fraudsters try to harm everyone on online platforms. Therefore, it is important to work with caution and experience in every case so that we do not suffer any damage and protect our privacy.

[Baki202]

Of course, even though we can only stare at our assets on the screen because they hold custody, we're still somewhat secure, especially if they don't mess with our funds. However, if the platform is robust, user funds can still be safe if they're hacked because they're bound by regulations, unless they collapse/go bankrupt, as in the past cases of FTX or Mt. Gox.

And a lot of cases have happened, and that is one one of the things people need to start with is the security of your assets because that way you will know that whatever happens is your fault, because if it's in your custody, then it is meant to be safe compared to when it's on an exchange. We all should know the risk behind that because it is clear not your keys, not your coin. The case of FTX is a huge one.

And what that sometimes infuriates users is cases of access restrictions and delays in large withdrawals to their bank accounts, citing the classic excuse of suspicious activity being detected, even though the withdrawals were made to accounts in their own names.

A lot of things, and these guys are always looking for ways to steal from people, and when you tell them to go for knowledge, they think it's all a joke, and they should understand that knowledge acquisition is not only for learning but also for asset security. When things go wrong, you will undoubtedly suspect a wide range of actions, which is simply the reality.

[Supreme Donvic]

Don't wait for it to come because it might land on you in a very bad way, crypto scam is real and those who are affected never wish the were, there are lots of mistakes we do from our end in which permit for any form of scam to penetrate to us, because the scammers will always be looking after a particular vulnerability to serve as routes for them to attack, this is where we don't have to play with the security and privacy in crypto.

in crypto, scamming is something that should not be neglected. Scammers will always come at you when something is financially involved. Crypto is a big financial platform with huge financial opportunities. There are many opportunities in crypto particularly as an alternative to the fiat. The over controlling aspect of fiat by the government and it's stakeholders have made crypto a major breakthrough. They have tried to copy the crypto by coming up with some digital assets but it does not in any way affects the potentials and the barriers broken by the bitcoin technology.

I agree with you on the importance of cryptocurrency scam. Because the more awareness there is in cryptocurrency, the more fraudsters are finding new ways to trap people. Those who are new and less experienced are naturally getting affected with scam. Therefore, it is important for everyone to have an idea of ​​what kind of scams there can be on a regular basis. And if there is any doubt, it is better to refrain from clicking on any link.

I love it when people share their scam experience or when they see a scam that can affect people they share it, I have benefited from a lot of experience that have been shared in this forum, when you have an idea about new scam strategies it will help you avoid getting scammed. Those who are new into cryptocurrency should always take any scam issues they see online serious they should read through it and make sure that they avoid any business that concerns there wallet or cryptocurrency especially when the business or deal is too good to be true.

[kawetsriyanto]

There should be no compromise on security and privacy in the crypto world.

Of course, it is a very crucial matter. It must be done with the best way.

There is a high chance of losing money due to a small mistake in crypto, especially when the seed phrases are not kept in a safe and secure place.
Moreover, in the crypto world, there are often various traps of fraudsters who are new and do not understand much, due to which they have to fall victim to fraud.

Yep, small mistake can end up with huge losses.
Besides putting the private keys/seed phrases in unsafe place, it is also suggested to avoid using the public connection. And we don't carelessly click unknown links shared by random people. It can be a trap made by fraudsters/scammers. It is very true, there are many cases that people lose their assets due to small mistakes.

[Makus]

The fifth point you made is a common mistake that a lot of crypto holders make and even till this day people are making the same mistake. We all know that Bitcoin is volatile just like every other crypto coin but the rate of this is low compared altcoins and there's no permanent loss when investing in this coin which is why it is dumb idea to sell your coins during a dip because you are scared of losing. Even people that have been investing for a long still fall into this category, it is not just about experience, mental maturity is also included as well.

[tbct_mt2]

Besides putting the private keys/seed phrases in unsafe place, it is also suggested to avoid using the public connection. And we don't carelessly click unknown links shared by random people. It can be a trap made by fraudsters/scammers. It is very true, there are many cases that people lose their assets due to small mistakes.

When people are in this market, and actually own bitcoin and cryptocurrency, they must understand super importance of privacy and security which has big contributions from staying humble and maintaining a secret life.

If they make too much noise and attention in real life and on the Internet, it will put them under eyes and radars of bad people who can potentially become attackers physically or digitally with main purpose of stealing bitcoin/ cryptocurrency.

Manage bitcoin like a whale.
[Guide] Bitcoiner's security.
[How] Protect your bitcoin from $5 wrench attacks.
Use duress/ decoy wallets.

[TokenTikas]

If they make too much noise and attention in real life and on the Internet, it will put them under eyes and radars of bad people who can potentially become attackers physically or digitally with main purpose of stealing bitcoin/ cryptocurrency.

From the time you own bitcoin and cryptocurrency, you should give importance to privacy. I have personally seen someone become a victim of this in real life. Basically, the person used to invest in bitcoin, always talked about it publicly and also posted about his investments on social media. From there, the situation became something that cannot be expressed in words.

I tried to mention a part of it here: He was a fairly wealthy person and had invested a good amount in bitcoin. When the local thug-type boys came to know about this, they stopped him in the evening, created pressure on him and made him transfer his invested funds to their wallet. At the same time, they also beat him badly.

Seeing your warning reply post reminded me of that old incident. Truly, if you invest, maintaining privacy from your own side is the most important thing. As much as possible, it is better to keep ourselves safe instead of exposing ourselves.

[Zaka1221]

When people are in this market, and actually own bitcoin and cryptocurrency, they must understand super importance of privacy and security which has big contributions from staying humble and maintaining a secret life.

If they make too much noise and attention in real life and on the Internet, it will put them under eyes and radars of bad people who can potentially become attackers physically or digitally with main purpose of stealing bitcoin/ cryptocurrency.

Manage bitcoin like a whale.
[Guide] Bitcoiner's security.
[How] Protect your bitcoin from $5 wrench attacks.
Use duress/ decoy wallets.

When you invested your money in cryptocurrency or Bitcoin, you invested your precious money, and you have no knowledge of a seed phrase because there was no guidance for you. Having proper guidance is very helpful, but every user should also take responsibility for learning and making informed decision about their own security.
If you have not faced any loss yet, you are luckyand learn from the mistake of other people who lost access to their money. If you did not learn any lesson, then you will make same kind of mistakes, and you will lose your big amount of cryptocurrency. Be aware of that, bro. If you are young and have less knowledge, then do not do anything, and before doing anything, always search for all thing that could affect your actions.

[kawetsriyanto]

When people are in this market, and actually own bitcoin and cryptocurrency, they must understand super importance of privacy and security which has big contributions from staying humble and maintaining a secret life.
If they make too much noise and attention in real life and on the Internet, it will put them under eyes and radars of bad people who can potentially become attackers physically or digitally with main purpose of stealing bitcoin/ cryptocurrency.

Agree. Privacy and security are crucial for Bitcoin holders. This will determine the safety of our Bitcoin for a long time period.
Just don't do the same mistake as few people show up their Bitcoin in social media! It can be a trigger of criminals to steal the Bitcoin. Even average people can think to steal the Bitcoin if they know it is valued big amount of money. So, it can endanger us. Besides losing the Bitcoin, bad people may threaten our lives. This is a big warning for every BItcoin holder. Well, the best way is to hide our Bitcoin investment from anyone (unless the close person we really trust).

Manage bitcoin like a whale.
[Guide] Bitcoiner's security.
[How] Protect your bitcoin from $5 wrench attacks.
Use duress/ decoy wallets.

Thanks for sharing the tips in securing our Bitcoin assets. 

[Oluwa-btc]

Over the years many people has ended up losing their bitcoin that is worth billions because of exchanges being hacked, scam activities, forgetting passwords, security practices that are very poor and errors made by people holding bitcoin.

Mistakes are bound to happen but the question is are we ready to learn from the mistakes of others.

You can never be too careful to fall prey to these scammers but it is mandatory we keep updating ourselves and learning on measures to keep ourselves safe from further schemes.
Properly detailed points below but then, all these people have one way or the other still finding themselves to have fallen prey to these recovery scams and scammers as they target people who are already victims of scam before. Fake lawyers, fake FBI and also fake SEC bodies are yet impersonating and still scamming victims. Hopefully previous scammed victims who have fallen prey to this should avoid and block such people immediately. ( just my little addition ).

[Doll2233]

Nice thread OP, I think one of the mistakes I will never make is to hold my Bitcoin in an exchange, it is one of the biggest risk to take and I will never take that risk I will rather take the responsibility of protecting my Bitcoin than given that responsibility to an exchange, anyone who was to invest in Bitcoin for the first time should avoid holding his Bitcoin in an exchange because you may end up losing it, thank God that the OP brought out this story of an exchange many years ago I believe new beginners we learn from the story and we avoid using an exchange to hold their Bitcoin.

One of the ways that some people have also lost their bitcoin is by this investment scam and just like the op said it is still happening the date many people are still getting scammed through this way and it because of greed that is why people fall for this scam, I don't think I can make a mistake like that.

“I don't think I can make a mistake like that” are words of many people who drained their accounts. Nobody is immune to mistakes; we all are humans mistakes are part of our lives. In crypto, being smart does not guarantee security for our assets; we have to build special, strict rules. Today's hacker are modern ones; they poison our wallet address, use fake wallets, and phishing, so we can't say only greedy ones get robbed. To secure our wallets, transferring our assets to wallets is only step one; mastering hard wallets, offline security, and how to save seed phrases. Do not believe in “it can't happen to me”; it can happen any second.

[landheer]

After reading your topic, I realize the importance of always being cautious in everything; the bottom line is that we must safeguard the BTC we own by keeping it in a secure place and ensuring we don't lose the key. As you pointed out, losing the key results in a loss, even if we haven't stored our BTC on an exchange.

There are certainly many lessons to be learned from past events, where so many people suffered losses due to a lack of caution and vigilance. It is entirely possible that similar incidents could occur in the future, though one can only hope there won't be any further events that cause widespread financial loss.

[Just Say]

Yes avoiding lost in bitcoin is the best investment process in bitcoin because most lost are very difficult to get away with as it is like a stamp that can not be erased know matter what is based to do so.
All successful investors are once with unimaginable consciousness in all there activities because it is better to learn from the pains of others to to be used as a case study. To do away with it one must be careful in the type of decisions he takes and also avoid greed because greed is the key to failure

Since owning Bitcoin or cryptocurrency, there should be no compromise on privacy or security and I think it is mandatory to know about the different ways to keep your Bitcoin safe from scammers. We can say without a doubt that in the crypto world, new or not very knowledgeable investors often fall into the trap of scammers, so it is important for every investor to understand that if the seed phrase of the wallet owned by Bitcoin is in everyone's custody, then scammers will not be able to easily seize Bitcoin holdings.

It is also true that fraudsters try to scam people everywhere, not just in crypto, so in my opinion it's important to act with caution and experience in every case, especially when it comes to holding these electronic currency, we should maintain greater privacy.

[hafiztalha]

“I don't think I can make a mistake like that” are words of many people who drained their accounts. Nobody is immune to mistakes; we all are humans mistakes are part of our lives. In crypto, being smart does not guarantee security for our assets; we have to build special, strict rules. Today's hacker are modern ones; they poison our wallet address, use fake wallets, and phishing, so we can't say only greedy ones get robbed. To secure our wallets, transferring our assets to wallets is only step one; mastering hard wallets, offline security, and how to save seed phrases. Do not believe in “it can't happen to me”; it can happen any second.

Complexity is not our security. Trying to invent our own encryption method to protect seed phrase can result in locking up of our asset. Using colors, signs or scrambled words is not like outsmarting good attacker. Our memory is volatile, we can remember and forget thing. If our backup requires cipher to decode it. It is not backup it is a failure. Adding layer is actually a good technique but we have to understand that passphrase is not a password. It generates a completely different wallet with different set of private keys, if we lose that one, that's it. If you lose passphrase, seed phrase alone won't give you access to that wallet. So stop, Trying to be clever with life saving. Self custody is reliable only when you use proper backup and recovery methods. Industrial practices are standards, don't involve your memory in that.