Tech Journalist, Monty Munford Reveals How He Lost £25,000 in Cryptocurrency
Monty Munford, a tech journalist shared his story of how he lost £25,000 after storing the private key of his crypto wallet on his Gmail draft.
Though Munford made his investment in Bitcoin and Ethereum in the middle of 2017, he says that his interest to invest in the crypto industry was on the peak when Bitcoin was skyrocketing in late 2017. He says, with a rise of more than 100,000% in seven years, “My curiosity got the better of me”. In fact, he began believing this investment as his long-term plan and even though it as a nest egg for a pension.
With a lot of research, Munford found two options to store cryptocurrency, one a crypto exchange and another an encrypted digital storage wallet. As the exchange-hack scene is quite common in the crypto industry, Munford decides to store his cryptocurrency in a wallet, myetherwallet.com.
He says that, soon after choosing a wallet, he has been provided with two keys, one is a public key that he used to transfer money to his wallet and another is the private key that he used to access his wallet. While writing 40 random numbers of the keys on the paper is the widely-accepted technique in the crypto industry, Munford has chosen to get a print out copy of it. Besides that, he also decided to store it in his Gmail draft to avoid any mistake while using the private key to access the wallet. Munford then deleted his internet history to ensure he keeps extra security in place.
The excitement of Munford was flying as the market price of cryptocurrencies reaching the growing graph but in 2018 he couldn’t access to his private key but all of his ethereum had already been taken out.
Credits: Dan Taylor, All rights belong to respective owners.