After losing a “life-changing” amount, one investor is warning others to beware of crypto trading scams.
A student has told how he lost everything after making a big mistake after putting his entire life’s savings into crypto.
The naive investor said that for the past few years, they had been “slowly accumulating” various crypto coins, reported Sun,
Taking to Reddit to reveal his heartache, the student, who posted under the name TrulyWacky, said: “One mistake made me lose everything.
“Since my portfolio grew so quickly, most of my net worth was in crypto (like 90 percent), so I think another mistake was not taking profits.
“I’m a student, and that was life changing money.
“I got scammed and exposed my private key, and my wallet was wiped clean.”
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The devastated student said they were now going to “cut losses and start from scratch”.
“Be safe and careful,” he said.
Meanwhile, a man revealed that he woke up to learn that he had lost nearly $US500,000 ($A700,000) in a cryptocurrency scam.
Brian Neugen admitted that he had fallen victim to the developers of AnubisDAO – another dog-themed cryptocurrency like the Shiba Inu – allegedly created with US60 million ($A84 million) of investors’ cash.
Buying any cryptocurrency is incredibly risky.
As with any investment, there is a risk that the value of your money could go down as well as up. This means that you should only invest money that you can afford to lose.
Cryptos can be riskier than other investments because they are volatile and speculative – their price often rises and falls very quickly, sometimes for seemingly no reason.
Many cryptocurrencies have a short track record, which makes them difficult to understand and predict.
This type of investment is also not protected by the regulator, which means you have no protection if things go wrong.
If you are considering investing in crypto of any kind, do your research first and only invest money you can afford to lose.
Also beware of scams, as the crypto market is often the target of fraud.
Look for fake celebrity ads or social media profiles pushing some coins.
This story originally appeared on Sun and is reproduced here with permission