The Peter McCormack Show Getting Hacked and Losing Your Crypto with Nik Patel - WBD002
7 snips
Nov 30, 2017 Nik Patel, a prominent crypto trader and author known for his insights on Twitter, shares his personal journey through the volatile world of cryptocurrency. He recounts a harrowing experience of being hacked, emphasizing crucial security measures for new investors. Nik discusses the emotional toll of trading, the importance of research, risk management, and portfolio diversification. He also reflects on his ambitions beyond crypto, highlighting his writing aspirations and the pursuit of financial independence through home ownership.
AI Snips
Chapters
Transcript
Episode notes
Dogecoin Beginnings
- Nik Patel's crypto journey began unusually with Dogecoin, found via Reddit.
- He later discovered Vertcoin and finally Bitcoin, highlighting a non-traditional entry point.
The Hack
- Nik Patel, a seasoned trader, was hacked, losing two-thirds of his portfolio due to a trojan in a new coin's wallet.
- The hacker gained remote access, stole from his local wallets, and then emptied his Bittrex account via a backup code.
Security First
- Prioritize security: buy two hardware wallets (Nano S or Trezor) and understand security protocols.
- This advice is crucial for new investors entering the crypto market.