I Was a Bitcoin Millionaire, But Now I Lost Everything Because I FORGOT MY Password Just When Crypto Hit an All-Time High
A common mistake has devastated a famous online streamer and left him $1 million poorer.
Martin Disalvo said he recognized the enormous amount of Bitcoin cash when he restarted his computer and couldn’t remember his passwords.
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The influencer, who has more than 3.6 million followers Instagramsaid he was having trouble with the camera on his computer, so he asked his friend to format his device.
Formatting a computer means erasing all data on the hard drive; the user then reinstalls Windows or macOS for a fresh start.
Martin, also known as Coscu, claimed that he asked his friend to save some local files before formatting the machine, but the friend forgot and deleted all the files on the system – including the passwords for Martin’s cryptocurrency purses.
His wallets reportedly contain at least 10 Bitcoins, each currently worth around $66,700 (£52,400).
The Argentinian star said he lost more than $660,000 (£518,000).
He also reported losing around $800,000 (£628,000) on character and weapon skins (cosmetics that change the appearance of weapons) in the popular first-person shooter game Counter-Strike.
Some of Martin’s followers criticized him for being irresponsible with his own moneywhile others expressed their support and condolences.
It is not clear whether that is the case steps have been taken – or could be taken – to make up for the enormous losses.
It was announced last month a father prepared to sue his congregation for £1 billion over a missing hard drive containing Bitcoin worth £275 million.
James Howells said he had launched a legal battle to retrieve the Bitcoin fortune that was accidentally thrown away during an office clean-out.
The computer engineer had put the hard drive containing the Bitcoin in a black bag along with other parts during a spring clean in 2013.
He claimed his ex had taken the waste to the dump in Newport, Gwent, and that he had been fighting officials for ten years for permission to get it back.
James told The Sun: “It’s a bit like you are neighbors and you kick you football about next one door gate – they must reasonably return your property.
“They can’t instead build a brick wall over your property, which is essentially what Newport City Council has done by continuing to pile rubbish on it.”
Last year it was said he was planning the world’s largest treasure huntwith a reward of £10 million, to locate the missing one Bitcoin hard drive – which he believed was still in the Newport dump.
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Five risks of crypto investments
BELOW we round up five risks of investing in cryptocurrencies.
Consumer protection: Some investments that advertise high returns based on crypto assets may not be subject to regulation beyond anti-money laundering requirements.
Price volatility: The significant price volatility of crypto assets, combined with the inherent difficulties in reliably valuing crypto assets, puts consumers at high risk of loss.
Product complexity: The complexity of some products and services related to crypto assets can make it difficult for consumers to understand the risks. There is no guarantee that crypto assets can be converted back into cash. Converting a crypto asset back to cash depends on the supply and demand in the market.
Costs and fees: Consumers should consider the impact of fees and charges on their investment, which may be greater than that of regulated investment products.
Marketing materials: Companies may overestimate the returns of products or underestimate the risks