Exposing Your Digital Currency Holdings Online Is a Horrible Idea – Bitcoin News

Exposing Your Digital Currency Holdings Online Is a Horrible Idea

This week a cryptocurrency trader who traded altcoins and bitcoin on the digital currency exchange Bittrex lost over seven BTC ($Legal,000 USD) while recording the entire theft. The trader from Fresh Zealand exposed his testimony and believes he was hacked by malicious bots created to steal digital assets.

A Trader’s Worst Nightmare

A trader named Shayne who calls himself “Crypto is Key” detailed an unusual practice watching his Bittrex account that held eleven BTC drain down to four BTC. The victim explains the Bittrex account was collective with a pal of his who helped him make decisions and trades. Additionally, he says the account was protected with two-factor authentication and a very long password. However, when he woke up and logged into Bittrex, he noticed his holding were being sold, and his account was missing seven BTC which was withdrawn to an unknown address.

“Everyone’s worst nightmare concerning trading is losing their wealth to thieves,” explains the Bittrex trader.

Last night I was in the nightmare, and what’s worse is I had to fight while they attempted to take my last four Bitcoin.

Shayne Vows to Never Store Large Amounts of Digital Currency on Exchanges

During the recorded movie the trader and his acquaintance were logged into the Bittrex account while the thief was siphoning his digital assets. The victim thought the hacker might have been a bot or script program that worked very rapid to sell his altcoins at spot price and then withdrew the bitcoins after each sale. The “fight” Shayne described, shows the trader continuously stopping open orders and attempting to eliminate the remaining digital assets held on Bittrex. Every time he attempted to cancel the order the hacker or bot was able to resume selling the remaining digital assets, but Shayne was able to recover four BTC in the end.

Shayne and his trading fucking partner watching their Bittrex account get siphoned.

“I think sometimes these things happen to make us stronger and to be very well ready to help prevent it happening again — I know now I will never leave any large amounts on any exchange ever again,” details Shayne. “This lesson has been a very hard one and one I will never leave behind, but I will not give up, and I will come back even stronger again.”

This has now lit a fire under my butt and I will not let this strike me mentally. I hope you witness the movie and you can take something from it and it makes you aware of how dangerous holding any coins on any exchange can be.

Accidently Exposing API Keys Through Trading Movies

The interesting aspect of the occurrence was that Bittrex permitted numerous IP addresses to log into one account. Moreover, according to a follow-up post from Shayne, the trading platform Bittrex detailed the account was compromised due to the hacker gaining access to the trader’s API keys. “Checking your account history we can see however that these sales are happening through API calls,” explains Bittrex. Shayne details the API keys may have been leaked when he aired trading movies via his Youtube channel.

“So it seems somehow my API keys were stolen. Now, this could have fairly possibly been my fault as I have used API keys in movie tutorials before and may have somehow deleted the wrong ones and not dual checked before I uploaded the movie,” Shayne concludes.

The story reaffirms the fact that people exposing their digital assets to the general public via social media, forums and Youtube movies clearly creates targets for hackers and unluckily many victims of cryptocurrency theft.

What do you think about Shayne’s loss on Bittrex and how he accidentally collective his API keys on movie? Let us know in the comments below.

Pics via Shutterstock, Shayne’s blog post, and Youtube.

Want to create your own secure cold storage paper wallet? Check our instruments section today.

Exposing Your Digital Currency Holdings Online Is a Horrible Idea – Bitcoin News

Exposing Your Digital Currency Holdings Online Is a Horrible Idea

This week a cryptocurrency trader who traded altcoins and bitcoin on the digital currency exchange Bittrex lost over seven BTC ($Legitimate,000 USD) while recording the entire theft. The trader from Fresh Zealand exposed his testimony and believes he was hacked by malicious bots created to steal digital assets.

A Trader’s Worst Nightmare

A trader named Shayne who calls himself “Crypto is Key” detailed an unusual practice watching his Bittrex account that held eleven BTC drain down to four BTC. The victim explains the Bittrex account was collective with a pal of his who helped him make decisions and trades. Additionally, he says the account was protected with two-factor authentication and a very long password. However, when he woke up and logged into Bittrex, he noticed his holding were being sold, and his account was missing seven BTC which was withdrawn to an unknown address.

“Everyone’s worst nightmare concerning trading is losing their wealth to thieves,” explains the Bittrex trader.

Last night I was in the nightmare, and what’s worse is I had to fight while they attempted to take my last four Bitcoin.

Shayne Vows to Never Store Large Amounts of Digital Currency on Exchanges

During the recorded movie the trader and his acquaintance were logged into the Bittrex account while the thief was siphoning his digital assets. The victim thought the hacker might have been a bot or script program that worked very quick to sell his altcoins at spot price and then withdrew the bitcoins after each sale. The “fight” Shayne described, shows the trader continuously stopping open orders and attempting to eliminate the remaining digital assets held on Bittrex. Every time he attempted to cancel the order the hacker or bot was able to resume selling the remaining digital assets, but Shayne was able to recover four BTC in the end.

Shayne and his trading playmate watching their Bittrex account get siphoned.

“I think sometimes these things happen to make us stronger and to be very well ready to help prevent it happening again — I know now I will never leave any large amounts on any exchange ever again,” details Shayne. “This lesson has been a very hard one and one I will never leave behind, but I will not give up, and I will come back even stronger again.”

This has now lit a fire under my culo and I will not let this hit me mentally. I hope you observe the movie and you can take something from it and it makes you aware of how dangerous holding any coins on any exchange can be.

Accidently Exposing API Keys Through Trading Movies

The interesting aspect of the occurrence was that Bittrex permitted numerous IP addresses to log into one account. Moreover, according to a follow-up post from Shayne, the trading platform Bittrex detailed the account was compromised due to the hacker gaining access to the trader’s API keys. “Checking your account history we can see however that these sales are happening through API calls,” explains Bittrex. Shayne details the API keys may have been leaked when he aired trading movies via his Youtube channel.

“So it seems somehow my API keys were stolen. Now, this could have fairly possibly been my fault as I have used API keys in movie tutorials before and may have somehow deleted the wrong ones and not dual checked before I uploaded the movie,” Shayne concludes.

The story reaffirms the fact that people exposing their digital assets to the general public via social media, forums and Youtube movies clearly creates targets for hackers and unluckily many victims of cryptocurrency theft.

What do you think about Shayne’s loss on Bittrex and how he accidentally collective his API keys on movie? Let us know in the comments below.

Photos via Shutterstock, Shayne’s blog post, and Youtube.

Want to create your own secure cold storage paper wallet? Check our instruments section today.

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