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How to lose your bitcoins: the Most popular ways

Losing cryptocurrency in many different ways — from incorrect buy tokens to hacking. How do people become virtual bankrupt? Here are the basic scenarios.

Not the fault of the user

Up your phone

Scammers capture mobile numbers of people calling the company and posing as them. Then the thief tied to a number of the new device and eventually gets access to the crypto accounts.

Attack 51%

This has not yet occurred, but any enthusiast of cryptocurrencies mostly afraid of this — if, by agreement, the players will have control over more than half the computing power of the bitcoin network, they can compromise the verification process of payments and double-spend the same funds.

A ransom note

So the victim’s computer — and it could be anyone, from officials to employees of large corporations — is infected with a virus that encrypts files and asks for the decryption ransom in bitcoin. In June 2017 the South Korean web provider is paid a hacker a $ 1 million in bitcoins. It is the largest known ransom, it is clear that such stories do not always become public.

The user can avoid problems

Problems with the exchange

Almost every week we read news about another cryptocurrency exchange hacked. In addition, the investor may lose data stored on the exchange of money due to technological failure or freezing of the Bank account of the exchange.

Fraudulent ICO

Trying to cash in on ICO, investors lost billions of dollars. So, two of the founders of the ICO-a startup that advertised famous boxer Floyd Mayweather, were indicted in the collection of about 30 million dollars for the release of the digital currency without any registration (Mayweather in the indictment does not appear.)

Overvalued equities

Drowning dozens of companies have tried to use the hype around the cryptocurrency to increase the value of their shares. For example, Long Island Iced Tea Corp. changed the name to Long Blockchain Corp. and announced that he was going to switch to mining, but so far failed to attract enough capital.

The shares of these companies bought traditional investors seeking the opportunity to participate in the cryptocurrency boom, but growth quickly ended, and in addition, some companies have started to have problems with the regulators.

The fault of the user

The loss of keys

Imagine you bought bitcoins for a penny, for example, in 2013, and then at the end of 2017, was going to sell for big money — and realize that you lost the private key from the wallet. This is really awful.

Fraud on Twitter

Scammers in social networks are trying to use old as the world scheme: the user has offered to send a broadcast, and in response promised a hundred. I think it does not happen? Happen! Scammers tried to implement this scheme by creating fake accounts of famous people and lure victims, who believe that gives them the promise of some credibility.

Incorrect address

Unlike credit card transactions, bitcoin payments are irreversible, so if you sent money to the wrong address, you have to rely only on the conscience of the recipient.

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