During his college years, Chris Morris, CEO of the African Cryptocurrency Exchange Yellow Card Company, said he invested his savings in bitcoins (BTC) and soon found them stolen.

“At the time, the price of bitcoin was about $ 200, and I basically decided to put all the savings accounts in it,” Morris told Cointelegraph. Morris said that at the time he had around $ 5,000 in his savings, with which he bought almost 21 BTC.

“I kept everything on LocalBitcoins because it was the wallet I used at the time, and I did not know any better,” Morris said, referring to the popular over-the-counter Bitcoin transaction platform. “You thought I was going to investigate something before I put money into something,” he joked.

Common industry practice warns users against storing much of their cryptographic storage space on secure exchanges and wallets over the Internet, as these options pose a higher security risk while giving users less control over their assets. The use of two-factor authentication, or 2FA, for this type of account is also considered mandatory for personal security, although Morris admitted that he was unable to do so either.

“Someone went in and took everything except 0.8 [BTC],” Morris said. He added: “I kept 0.8 bitcoin until it started accumulating and then sold it 16 days before it went from $ 1700 to $ 6000 or whatever,” referring to the historic bitcoin year when the asset eventually increased from less than $ 1000 and all the way. This is almost 20 thousand dollars. “So I was upset on both sides,” he recalls, laughing.

Aside from the vault of cryptocurrency, the CEO also sold bitcoins on eBay in 2015, and together with his friend Justin Poirou, he built a small business by selling the asset on Taco Bell.

Source: CoinTelegraph