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The Yellow Card CEO tells us how he lost his life savings on LocalBitcoins

September 5, 2020

In your college days Chris Maurice, CEO of Yellow Card, an African cryptocurrency exchange, He said he put his savings in Bitcoin (BTC) and soon found that they had been stolen.

“Bitcoin was priced at around $ 200 at the time, and I basically decided to put my entire savings account on it.” Maurice told Cointelegraph in an interview. Maurice said he saved around $ 5,000 at the time, with which he bought about 21 BTC.

“I had everything on LocalBitcoins because that was the wallet I was using at the time, and I really didn’t know any better.” said the CEO, mentioning a very popular platform for selling Bitcoin over the counter. “You think I would have done a little more research before putting my savings into anything”, he added jokingly.

The Yellow Card CEO tells us how he lost his life savings on LocalBitcoinsThe Yellow Card CEO tells us how he lost his life savings on LocalBitcoins

Standard industry practice Warns users against keeping a large portion of their crypto money in escrow and online wallets as these options pose a higher security risk and give users less control over their assets. The use of two-factor authentication (2FA) on these account types is also considered a must for personal safety, though Maurice admitted he didn’t either.

“Someone came in and took everything but 0.8 (BTC)”, Said Maurice. “I kept the 0.8 bitcoin until it started going up, and then I sold it for 16 days before it went from $ 1,700 to $ 6,000 or whatever.” He added, referring to Bitcoin’s historic year when the asset eventually soared from under $ 1,000 to nearly $ 20,000. “So they screwed me up a bit in every way” he remembered while laughing.

In addition to your mishaps in storing your cryptocurrencies, The CEO also sold Bitcoin on eBay in 2015 and started a small business that along with friend Justin Poiroux sold the asset in the Taco Bell store.

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