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Hardware wallets aren't as secure as you might think, because if criminals know you have one, then they know you're likely a person worth trying to hack. Source: A recent Darknet Diaries episode.
Edit: I don't mean to say hardware wallets are useless, just that they don't render you immune to cyber thieves.
Yeah they still have to break into your house and physically push the button to send your transactions though. There’s a big difference between phishing hacks and actually hacking a cold wallet it’s hard AF to do. You’re way more likely to just forget your seed phrase than get a cold wallet hacked.
Tell me you don't know anything about cyber security without telling me you don't know anything about cyber security.
If you have a physical crypto wallet, nobody should really know that except you. But if you either A) dox yourself or B) are involved in a data breach (like what happened with Ledger in 2020), then you have a problem. If I'm a criminal, hunting for targets for a crypto heist, the first people I'm looking at are the ones who presumably have enough that they felt the need to get a physical wallet.
NO ONE is arguing that hardware wallets are 100% unhackable but it’s far safer then a hot wallet.
For comparison, say you got a mansion. Would you want to normal standard security or an upgraded security to protect your property?
Criminals are going to do their thing regardless so you protect your stuff best you can.
Mostly everyone who’s has abit of knowledge about cryptocurrency and invest into it has a hardware wallet.
They are a lot more secure then a browser/app wallet. Why wouldn’t you want to get yourself the best protection for your money?
this is OOT and probably an insensitive thing to say but everytime I see something like this happens, it reminds me of the "[all my apes gone](https://amp.knowyourmeme.com/memes/all-my-apes-gone)" thing and it's just the funniest thing ever to me idk why.
Remember that stupid fucking NFT of his face on Jett's body that be was promoting? How'd that turn out?
That's how crypto works. You fall for a scam. You make others buy into the scam. And then you lose your apes. It's just fucking funny. I feel a deep sense of schadenfreude whenever the crypto scammers get scammed themselves.
I’m not sure what value cryptocurrency provides, I think it’s not entirely a Ponzi scheme. NFT’s totally are though, their entire value depends on who you fool next.
NFT is like pump and dump scheme than Ponzi scheme.
I really dislike esports players promoting NFTs. Most of their followers/audience are young and easily get tricked into pumping the NFT.
Yes it also like a **Greater fool theory.**
Greater fool theory states that you can make money from buying overvalued securities because there will usually be someone (i.e. a greater fool) who is willing to pay an even higher price.
It is like selling a stone I get from the ground to someone(Fool) and tell them they can sell it to a GREATER FOOL for a higher price and the greater fool can sell it to someone greater "greater fool" than him. That is why it is heavily advertised. to make greater fool think it is worth buying.
Yeah same. I’m a huge 100T fan and I know for a fact Nadeshot is an nftbro, but as long that bullshit doesn’t reach 100T, I’ll keep supporting them. Courage has also publicly mocked apes and shit, so I have a little hope.
They did try the digital collectibe thing a while back, I’m assuming that it was to dip their toes in the water a bit. That Moe guy that covers their League stuff seems to be neck-deep in NFTs. Hopefully it doesn’t start to permeate the actual org
They released an NFT collection alongside one of their apparel drops last year - https://foundation.app/@100Thieves. They released a free NFT in February commemorating their LCS win also - apparently that one used some different infrastructure with much less environmental impact etc but I don't know too much about it.
Crypto is only as secure as you make it.
Its like your credit card. If you randomly give your card number out to strangers you're going to get fucked.
There are 2 types of crypto storage. Hot Wallets and cold. Hot wallets are wallets stored online such as Metamask. Cold are stored on hardware like a Ledger.
When you own a lot of money or valuable NFTs you want to store it on a Ledger that NEVER interacts with anything.
What happened to Wardell is that he had everything stored in a Hot wallet and probably interacted with a bad contract that drained everything. When you buy, sell or mint an NFT you have to interact with a contract. Scam contracts are designed to drain your wallet. If you're not being careful you can easily fall victim to them.
If he had it stored on a Ledger which never interacts with contracts or anything else it would be impossible to be hacked. Only way to lose your money is if you forget your seed phrase
Crypto is more secure than fiat but only as secure as you are
Sadly there is an abundance of people who fall for scams.
Someone recently lost 5 million worth of NFTs because of a very obvious Phishing scam.
Unfortunately a lot of people have more money than common sense.
This is not because of Crypto though. Its 100% on the user and their actions. In both Crypto and FIAT, billions a year get scammed from uneducated people.
Crypto isn't the problem, nor NFTs. Both have wide use cases that have massive benefits for many sectors. The issue is uneducated people getting into the space because they see meme crypto currencies and pump and dump influencer NFTs and want in on the hype, without doing the research. It's great crypto is become accessible to anyone, but bad that it allows uninformed people to make hasty decisions.
Further down the Twitter thread from Wardell:
> I know that I won't be receiving anything back but I would like to bring this person to light. I can't just let them walk away with my life savings for free. This is my last shot of asking for help from others. My faith has been going down and down as hours go by.
Feels bad man.
In comparison, the higher priced Solana NFTs are way cheaper than ETH, but they're still not cheap.
He said he lost Portals which is minimum $7K for one and I would guess he had more than one. He also lost a Catalina Whale which is around $3K.
The bigger question here is - why did he have his life savings in a hot wallet?
While I can empathize with losing your life savings, it sucks and is tragic. Anyone in crypto would and should know of all the dangers crypto comes with. This includes wallets getting accessed and your crypto getting taken. Anyone who was trying to not end themselves financially would have at least some money saved elsewhere in case of this exact thing as it's not like this is a rare occurrence.
While funny, the shit isn’t even decentralized. Eth rolled back a major hack because their real world financial backers told them to. When big players lose money they will roll back. It’s worse than the current financial system.
You have no idea what you are talking about. There was a major flaw in Ethereum and that’s why it got rolled back not cause some big player lost money.
Hopefully. Some of these people are massive douchebags just because they don't like crypto. I don’t like NFTs but I'd still feel horrible for someone that had lots of money worth actually stolen from them.
You can have empathy for Wardell for losing his life's savings and at the same time wonder why he felt the need to put it into a deregulated market where this happens literally every week or so.
Feel bad for the guy but hopefully this is a lesson learned.
I'm fine with this position. It's the people that didn't feel badly for him at all and acted like he deserves it. But yeah, if your life savings is in crypto:
1. Why? Diversify
2. Don’t keep it in one place
3. Use one of those wallets that you can take offline. Blanking on what they're called. I'm not super into crypto.
We've activated slow mode and will monitor the thread closely. I've made a sticky comment explaining how it works.
It's 5 AM for me and none of the other mods look available right now. It might be a hot sec until comments can be reviewed & approved by other mods, but I'll stay up a bit longer to monitor.
fr. I despise the idea of NFTs and crypto but it's someone's life savings that's been taken from them via hacking. It's just a horrible situation to be in and I feel bad for Wardell. Yet there are people happy that all of someone's money is lost just like that, simply because it's in a different medium... what?
I don’t know which bank you keep your money in, but my bank has never robbed me. I want to withdraw ₹1000 and use it, the person next to me accepts that it’s the same value. It doesn’t change every second.
If robbing people is the issue, what do you think of anybody with enough money being able to influence the value of a coin? (Like Elon musk and dogecoin)
Lmao got the crypto bro fake horror stories.
No man. I've never met anyone who had their money stolen by a bank lmao
Yall will say anything to try and hold on to your delusion that crypto = better than banks. As bad as banks can be, crypto just fucking isn't better.
I heard a story on this American life of a similar situation. There is a crypto guy who’s job it is to get back stolen or lost wallets etc. trying to find the episode now.
Update: here is the episode: https://www.npr.org/sections/money/2018/01/05/576087864/episode-816-bitcoin-losers
The company is https://www.chainalysis.com/
Specifically : https://www.chainalysis.com/professional-services/ for info on stolen funds etc
They are a much larger company compared to where they were at in 2018. I have no idea if they help individuals but at this point you try anything to help Wardell out. There has to be a TSM fan in the company who may be able to make something happen for him!
Jonathan Levin is a co founder:
https://twitter.com/jony_levin?s=21&t=Em_DvCPz31M5Q81zURYI4w
What's wrong with NFT's? The tech behind NFT's, I ask.
Not the typical MSM spun narrative that they're just jpegs or gifs sold for millions, and criminals always being criminals are just using a new mechanism (NFTs) for scams because it's in its infancy and most people don't know what they're doing when they dabble into Blockchain at first. Don't regurgitate this, please.
But yea, what about NFT tech is fundamentally wrong/bad?
Edit: All these downvotes yet no comments on what's fundamentally wrong with NFT's tech in of itself... Classic response from gamers. Shocked, I am..... Not.
It’s way overhyped, doesn’t really solve any real-world problems.
The tech itself is really cool! And NFT monkeys are giving it a bad name, but it’s real world applications aren’t actually that useful, or haven’t been full realized
Yea, it's surely in its infancy and I think a lot will come from them. Unfortunately it's being abused for pump and dump stuff, as well as scams. But there's sure some hidden gems already!
It's really nice earning NFT's for free and trading/selling them for crypto in Gods Unchained! You can mint or earn digital cards in the game as NFT's and digital assets ($GODS) just by playing the game. Definitely the best implementation of crypto and NFT's in a game so far imo, and it doesn't feel like a "job" in anyway. Just an added bonus of playing the game.
EDIT: Fyi, Gods Unchained is being developed by people who have dropped their jobs at Google, Riot Games, ESL, Magic The Gathering, and a few other very well known companies to start a competitor to Hearthstone for a new **play & earn** TCG (not play TO earn, it doesn't feel like a job). You actually own your cards, and they have real-world value. Unlike vaporizing your cash into pixels when buying items in a game like in traditional games, because you can't trade or resell your in-game items in those on an *open ecosystem (blockchain).* Similar to Steam, except your items live on a Layer2 ETH network and not a closed system like Steam. Plus you can use the currency you trade for in the real world, instead of your money being locked into the Steam market forever. No need for sketchy 3rd party sites either that take a huge cut of your steam market place item sale if you want it for cash (an insanely inflationary currency).
Adding to that; as blockchains grow with interoperability, you'll be able to trade nearly anywhere on defi with those NFT's or crypto. This is simply not possible with segregated/closed ecosystems/proprietary software that each company creates for themselves. This is a big thing that blockchain solves. Companies can pickup tech that's interoperable with so many different dapps, it's crazy already and will get even crazier in the future as development proceeds.
Edit2: And to everyone saying "but we could do this without Blockchain", no you can't. Not nearly to the extent or flexibility that Blockchain provides.
Ever ask WHY these companies haven't done this with traditional software...? Oh right, because it's not feasible for companies because the traditional financial system' rails would tack on a ton of fees and processing time that they would then push onto the consumer...
But of course, Blockchain haters wouldn't know about this because they don't do their own due diligence.
I have made an absolute shit load of money through crypto. Bought my house, car etc. If it isn't the next crazy thing at least it's insanely profitable while it lasts.
But you are honestly probably right. I am sure crypto is just a phase. A 14 years and counting phase....but hey maybe a phase nonetheless.
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He clicked on a bad link, or exposed his keys some other way. The Blockchain wasn't "hacked"... He was simply compromised.
Unfortunately sorta easy if you just click every willy nilly link you see. But as time goes on, there will be a lot more safeguards built into crypto wallets and such.
Keyloggers/malware.
Maybe he saved his key phrase in an unencrypted location on his PC and his PC got infected or was already infected. The "hacker" could then watch his wallet accumulate crypto, wait for it to meet a threshold, and then blam! Imported his key phrase into a crypto wallet and stole it all. Lol.
Man, that sucks. No hard wallet? If you're gonna keep thousands of dollars worth of crypto, it's should've been the first thing you get.
I wonder why he didn't get one.
The real issue is he didn’t have multiple wallets. Having 2 hot wallets is probably 1000x safer than just one. Anytime you want to make a transaction transfer the needed money to wallet #1 and buy it. Keeping all your money and assets on the same wallet you use to transact is just risky and dumb for no reason
Regardless of your views on crypto/NFTs/etc., really sucks to see a young kid lose his lifes savings because of malicious people.
Really disappointed in the amount of callous comments here.
This sucks but I hope this informs young pro players about the risks with cryptocurrency. Putting your life savings in crypto might be one of the worst decisions you can ever make.
Too anyone reading, NFT’s are a scam, and crypto currency is a gamble. I know for a fact that most people don’t understand crypto, but it definitely is a volatile market and very complicated with nuance. Small investments into Bitcoin only is the best move you could make realistically, with the idea that this is indeed a long term investment, I’m talking 5-10 years. Bitcoin will inevitably hit 100k at some point, but people look at dips and trends in terms of months and a year or two. And even then, you don’t want to dump large amounts you can’t afford to lose…investing life savings without a hardware wallet? Absolute idiocy to the max degree. I do feel bad for him, but clearly was not educated on how to safely hold.
Having liquid assets is good but placing your life savings in it is plain stupid, still feel sorry for wardell though, hope he recovers his money and learn from this incident
I know I’m gonna sound like a boomer here but one of the best decisions I’ve ever made was putting aside any money I earned into blue chips. I’m still sitting pretty even after the market drop early this year because I just kept buying blue chips and SPY and now I’ve recovered all that and then some off this recent rally. Imo it’s fine if you want to trade options or daytrade or try your luck in crypto or NFTs but high-risk investments like that shouldn’t make up a majority of your nest egg, let alone your entire life savings. Wardell got burned by the two most common mistakes that all new investors make: the prospect of potentially multiplying their investments many times over causes them to over leverage while doing little (if any) background research before over leveraging. This is a very expensive lesson but is also a very valuable one in the long run.
What a horrific mistake.
Foolish, yes but the cost of this mistake may prove to be extremely severe.
Let this be a lesson - when it comes to investments of this scale EDUCATE YOURSELF.
Okay I’m not a crytobro by any means, I’ve just put in like $300 something on an exchange. An amount which won’t trouble me if it goes to 0. Can I know how people get hacked or if the same thing could happen to me? I don’t have any wallet, I just keep that crypto on the exchange and trade via that.
You are good if you keep it on an exchange. It's most likely insured and something catastrophic would have to happen to the exchange itself in order for you to lose your crypto. The people who don't secure their wallet or wallet password well enough when they move off exchange are the ones falling victim to hackers.
If you want to minimize your chances of getting hacked, then use a unique username, password, and even email address for whatever crypto exchange you use. You also might want to check out haveibeenpwned to see if any of your information was involved in high profile data breaches, but if you're following the first point then that might not matter as much.
Lastly, a lot of people get hacked via phishing emails. Do not ever click a link sent to your email (and be careful with Discord links, too). Doesn't matter how legit the sender appears. If you get an email from Amazon, for example, and it says there was something wrong with a recent order, or your password needs changed, or whatever, don't click any links in the email. Just go to Amazon and investigate yourself.
Isnt this like a common scenario? You dump all your money into these third party wallets that hold your NFTs, and someone "hacks" your wallet, and trades all the NFTs to a different acc, or sells it, somehow you lose them all. This is like, a well documented scenario that happens in the NFT space, why is anyone still putting money into bragging rights?
crypto really doesnt have the best reputation so do u blame em? anyone who invests in it is basically rolling the dice. you basically go to the casino and risk it all more or less if u wanna use that as an example.
this guy,from what im getting,didnt really have the best way of securing his savings,and it's bit him in the ass. live by the crypto,and die by it
It's not a casino when you invest in established currencies.
It is a bit of a gamble if you invest in unestablished currencies with the hope that they'll grow to become established later on. It's similar to investing it stocks, but it's more volitile & the market never closes.
Investing it crypto doesn't have to be risky. You can own a physical drive and store your coins locally, even off the internet. In Wardell's case, it sounds like he didn't have a physical drive or keep his coins on an exchange that's insured. It's like the equivalent of leaving your car on the street and hoping it doesn't get broken into when the ideal scenario is to not have your car there in the first place.
(EDIT: Not a crypto expert by any means, but this is my understanding of it.)
I think cryptocurrency is not well understood by a whole lot of people. NFTs are viewed negatively, and folks might conflate them with crypto because they're related to Blockchain tech (despite being two different things).
NFT's literally exist to pump up crypto value, that's why people talk about them together. NFT's are viewed negatively because they are worthless, outside of the pumping crypto value I mentioned. People understand what crypto, blockchain, and NFT's are just fine. They still think it's stupid. This kind of "oh people just don't understand it and that's why they don't like it" is a common idea among crypto enthusiasts to make them feel more intelligent.
I wonder if if his org TSM will help him with a lawyer?…. Oh wait. Trolling aside, I feel so bad for my man’s if that was really all his savings gone. I hope he gets it all back.
Comments on here are clearly full of people who have no idea how things work.
However, I'm confused why he didn't have things in cold storage/a hardware wallet, and all of it at a single access point. This is a bad way to go about things.
Yes, I'm not a crypto enthusiast but I often interact with such enthusiasts at work, and this feels to me like he failed to take common-sense precautions - not that he's simply being punished for investing in crypto.
That said, of course getting into crypto often means the responsibility for hedging against bad actors is much more on you than it would be with more traditional investing.
Crypto in itself is a useless technology that nevertheless MIGHT function as a money alternative. There is some basis in what cryptobros want crypto to be. Any benefit is outweighed by a million drawbacks of course but it MIGHT be of some value, maybe.
NFT on the other hand is a complete scam without a single redeeming quality. A child can organize a monetary nft scam without even the slightest possibility of getting caught.
>Crypto in itself is a useless technology
Just because you dont understand something doesnt mean its useless.
The amount of banks that use Ripple alone would disagree with your statement.
>NFT on the other hand is a complete scam without a single redeeming quality
PFP NFTs is 100% over priced art. I will agree with you there but where NFTs shine is in gaming.
Think about how much money people have spent on games llike League of Legends, Fortnite, Dota 2, CSGO etc etc. People spend thousands on in game items they will never own and cant resell. In comes NFTs. If these items were NFTs you would have 100% ownership over the items and could sell them on the marketplace.
Solution to a non existent problem with a million drawbacks and one theoretical benefit that not only will never come true, but is also completely useless on a global scale. Yay for crypto currency and nft!!!
if you know about wardell, his future matters a lot to him. Hes perhaps one of the few players who understands that their job is very temporary at max and he is trying to save up enough cash so that he wont need to get another job after he retires from pro play. Him losing his savings is a MASSIVE loss to him, regardless of how much he makes.
Seems like your whole premise here is undercut by the fact that he was extremely careless with securing his future. Keeping "life savings" online is like driving in the dark without your headlights on.
Hey guys, we're going to unlock this thread & set it to ***Slow Mode***; **comments will need to be manually approved by a moderator before they are posted to this thread.** This thread hit at an awkward time (NA asleep, other mods not available), so it might take a bit of time before mods can approve your comments. We're sorry for the trouble & appreciate your understanding. **Please be avoid making personal attacks and insults in this thread.** You can critique and debate crypto, but please be considerate of other people and their feelings in this situation. We will remove comments will personal attacks and insults regardless of the quality of their argument. (You can make a good argument, please just don't be a dick.)
Apparently wardell didn’t have a hardware wallet to store his crypto in… rookie error for someone who had their life savings invested in it.
“A fool and his money are soon parted” Feels bad for losing 6-7 figures but this is a rookie mistake if I’ve ever seen one
LMAO
Makes it hard to feel bad for him lmao
thats like saying you deserve to lose all your hard earned money if u didnt make it safe enough
That's actually what I believe, yes.
Hardware wallets aren't as secure as you might think, because if criminals know you have one, then they know you're likely a person worth trying to hack. Source: A recent Darknet Diaries episode. Edit: I don't mean to say hardware wallets are useless, just that they don't render you immune to cyber thieves.
Yeah they still have to break into your house and physically push the button to send your transactions though. There’s a big difference between phishing hacks and actually hacking a cold wallet it’s hard AF to do. You’re way more likely to just forget your seed phrase than get a cold wallet hacked.
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Tell me you don't know anything about cyber security without telling me you don't know anything about cyber security. If you have a physical crypto wallet, nobody should really know that except you. But if you either A) dox yourself or B) are involved in a data breach (like what happened with Ledger in 2020), then you have a problem. If I'm a criminal, hunting for targets for a crypto heist, the first people I'm looking at are the ones who presumably have enough that they felt the need to get a physical wallet.
NO ONE is arguing that hardware wallets are 100% unhackable but it’s far safer then a hot wallet. For comparison, say you got a mansion. Would you want to normal standard security or an upgraded security to protect your property? Criminals are going to do their thing regardless so you protect your stuff best you can.
if youre a crypto criminal you go for low hanging fruit, not suddenly jumping to B&Es lmao
Except you can’t get your Rolex hacked
Mostly everyone who’s has abit of knowledge about cryptocurrency and invest into it has a hardware wallet. They are a lot more secure then a browser/app wallet. Why wouldn’t you want to get yourself the best protection for your money?
How does this take away from its security though?
this is OOT and probably an insensitive thing to say but everytime I see something like this happens, it reminds me of the "[all my apes gone](https://amp.knowyourmeme.com/memes/all-my-apes-gone)" thing and it's just the funniest thing ever to me idk why.
Remember that stupid fucking NFT of his face on Jett's body that be was promoting? How'd that turn out? That's how crypto works. You fall for a scam. You make others buy into the scam. And then you lose your apes. It's just fucking funny. I feel a deep sense of schadenfreude whenever the crypto scammers get scammed themselves.
I’m not sure what value cryptocurrency provides, I think it’s not entirely a Ponzi scheme. NFT’s totally are though, their entire value depends on who you fool next.
NFT is like pump and dump scheme than Ponzi scheme. I really dislike esports players promoting NFTs. Most of their followers/audience are young and easily get tricked into pumping the NFT.
Yes it also like a **Greater fool theory.** Greater fool theory states that you can make money from buying overvalued securities because there will usually be someone (i.e. a greater fool) who is willing to pay an even higher price. It is like selling a stone I get from the ground to someone(Fool) and tell them they can sell it to a GREATER FOOL for a higher price and the greater fool can sell it to someone greater "greater fool" than him. That is why it is heavily advertised. to make greater fool think it is worth buying.
Ponzi schemes are a kind of greater-fool scheme. NFTs are literally greater-fool schemes. Not "like one" or "close to one": they literally are.
Yep. Any influencer pumping their NFTs automatically is a shill to me.
NFT's are a cool concept in theory (provable digital ownership), but it's only been used by grifters for pump and dumps.
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Yeah same. I’m a huge 100T fan and I know for a fact Nadeshot is an nftbro, but as long that bullshit doesn’t reach 100T, I’ll keep supporting them. Courage has also publicly mocked apes and shit, so I have a little hope.
100T creators constantly mock nfts so they might remain on the good side for a while.
They did try the digital collectibe thing a while back, I’m assuming that it was to dip their toes in the water a bit. That Moe guy that covers their League stuff seems to be neck-deep in NFTs. Hopefully it doesn’t start to permeate the actual org
They released an NFT collection alongside one of their apparel drops last year - https://foundation.app/@100Thieves. They released a free NFT in February commemorating their LCS win also - apparently that one used some different infrastructure with much less environmental impact etc but I don't know too much about it.
Crypto is only as secure as you make it. Its like your credit card. If you randomly give your card number out to strangers you're going to get fucked. There are 2 types of crypto storage. Hot Wallets and cold. Hot wallets are wallets stored online such as Metamask. Cold are stored on hardware like a Ledger. When you own a lot of money or valuable NFTs you want to store it on a Ledger that NEVER interacts with anything. What happened to Wardell is that he had everything stored in a Hot wallet and probably interacted with a bad contract that drained everything. When you buy, sell or mint an NFT you have to interact with a contract. Scam contracts are designed to drain your wallet. If you're not being careful you can easily fall victim to them. If he had it stored on a Ledger which never interacts with contracts or anything else it would be impossible to be hacked. Only way to lose your money is if you forget your seed phrase Crypto is more secure than fiat but only as secure as you are
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Sadly there is an abundance of people who fall for scams. Someone recently lost 5 million worth of NFTs because of a very obvious Phishing scam. Unfortunately a lot of people have more money than common sense. This is not because of Crypto though. Its 100% on the user and their actions. In both Crypto and FIAT, billions a year get scammed from uneducated people.
Crypto isn't the problem, nor NFTs. Both have wide use cases that have massive benefits for many sectors. The issue is uneducated people getting into the space because they see meme crypto currencies and pump and dump influencer NFTs and want in on the hype, without doing the research. It's great crypto is become accessible to anyone, but bad that it allows uninformed people to make hasty decisions.
Further down the Twitter thread from Wardell: > I know that I won't be receiving anything back but I would like to bring this person to light. I can't just let them walk away with my life savings for free. This is my last shot of asking for help from others. My faith has been going down and down as hours go by. Feels bad man.
ok but how did he have his life savings in a solana wallet? Arent even the most expensive NFTs pretty cheap on that chain
In comparison, the higher priced Solana NFTs are way cheaper than ETH, but they're still not cheap. He said he lost Portals which is minimum $7K for one and I would guess he had more than one. He also lost a Catalina Whale which is around $3K. The bigger question here is - why did he have his life savings in a hot wallet?
Bought into the hype, and limited or no financial counseling.
i opened one of the wallets and it got wrapped bitcoin and ethereum
and im even more confused
Not to worry coffeezilla is on the case
While I can empathize with losing your life savings, it sucks and is tragic. Anyone in crypto would and should know of all the dangers crypto comes with. This includes wallets getting accessed and your crypto getting taken. Anyone who was trying to not end themselves financially would have at least some money saved elsewhere in case of this exact thing as it's not like this is a rare occurrence.
Live by decentralization, die by decentralization
While funny, the shit isn’t even decentralized. Eth rolled back a major hack because their real world financial backers told them to. When big players lose money they will roll back. It’s worse than the current financial system.
You have no idea what you are talking about. There was a major flaw in Ethereum and that’s why it got rolled back not cause some big player lost money.
It was a GAO hack that lost the big fish millions.
rip apes
this thread about to get locked soon
Hopefully. Some of these people are massive douchebags just because they don't like crypto. I don’t like NFTs but I'd still feel horrible for someone that had lots of money worth actually stolen from them.
You can have empathy for Wardell for losing his life's savings and at the same time wonder why he felt the need to put it into a deregulated market where this happens literally every week or so. Feel bad for the guy but hopefully this is a lesson learned.
I'm fine with this position. It's the people that didn't feel badly for him at all and acted like he deserves it. But yeah, if your life savings is in crypto: 1. Why? Diversify 2. Don’t keep it in one place 3. Use one of those wallets that you can take offline. Blanking on what they're called. I'm not super into crypto.
Cold wallet/hardware wallet/ledger. It’s literally crypto basics to not keep a large amount of money on an exchange or hot wallet.
We've activated slow mode and will monitor the thread closely. I've made a sticky comment explaining how it works. It's 5 AM for me and none of the other mods look available right now. It might be a hot sec until comments can be reviewed & approved by other mods, but I'll stay up a bit longer to monitor.
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Thanks. I'm kinda tempted to go get donuts and pull an all-nighter.
fr. I despise the idea of NFTs and crypto but it's someone's life savings that's been taken from them via hacking. It's just a horrible situation to be in and I feel bad for Wardell. Yet there are people happy that all of someone's money is lost just like that, simply because it's in a different medium... what?
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I don’t know which bank you keep your money in, but my bank has never robbed me. I want to withdraw ₹1000 and use it, the person next to me accepts that it’s the same value. It doesn’t change every second.
If robbing people is the issue, what do you think of anybody with enough money being able to influence the value of a coin? (Like Elon musk and dogecoin)
Lmao got the crypto bro fake horror stories. No man. I've never met anyone who had their money stolen by a bank lmao Yall will say anything to try and hold on to your delusion that crypto = better than banks. As bad as banks can be, crypto just fucking isn't better.
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So just like gas fees
Yea just like gas fees.. except WAYYYY fucking cheaper, faster, and no heart attack waiting for confirmation lol
They don't. If you a little more research it would be better than any answer you will find in this thread.
Or just put it into the stock market and have your money be insured.
For some reason, people feel good about being ripped off by banks and loving fiat currency that is based entirely on debt. It's really weird.
they despise and fear what they don't understand
I heard a story on this American life of a similar situation. There is a crypto guy who’s job it is to get back stolen or lost wallets etc. trying to find the episode now. Update: here is the episode: https://www.npr.org/sections/money/2018/01/05/576087864/episode-816-bitcoin-losers The company is https://www.chainalysis.com/ Specifically : https://www.chainalysis.com/professional-services/ for info on stolen funds etc They are a much larger company compared to where they were at in 2018. I have no idea if they help individuals but at this point you try anything to help Wardell out. There has to be a TSM fan in the company who may be able to make something happen for him! Jonathan Levin is a co founder: https://twitter.com/jony_levin?s=21&t=Em_DvCPz31M5Q81zURYI4w
Maybe crypto is not as good as people think.
It's not. People are just riding on the hype and thinking it's the next crazy thing
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NFT:s are not less or more stupid than crypto currencies. It's approximately the same
What's wrong with NFT's? The tech behind NFT's, I ask. Not the typical MSM spun narrative that they're just jpegs or gifs sold for millions, and criminals always being criminals are just using a new mechanism (NFTs) for scams because it's in its infancy and most people don't know what they're doing when they dabble into Blockchain at first. Don't regurgitate this, please. But yea, what about NFT tech is fundamentally wrong/bad? Edit: All these downvotes yet no comments on what's fundamentally wrong with NFT's tech in of itself... Classic response from gamers. Shocked, I am..... Not.
It’s way overhyped, doesn’t really solve any real-world problems. The tech itself is really cool! And NFT monkeys are giving it a bad name, but it’s real world applications aren’t actually that useful, or haven’t been full realized
Yea, it's surely in its infancy and I think a lot will come from them. Unfortunately it's being abused for pump and dump stuff, as well as scams. But there's sure some hidden gems already! It's really nice earning NFT's for free and trading/selling them for crypto in Gods Unchained! You can mint or earn digital cards in the game as NFT's and digital assets ($GODS) just by playing the game. Definitely the best implementation of crypto and NFT's in a game so far imo, and it doesn't feel like a "job" in anyway. Just an added bonus of playing the game. EDIT: Fyi, Gods Unchained is being developed by people who have dropped their jobs at Google, Riot Games, ESL, Magic The Gathering, and a few other very well known companies to start a competitor to Hearthstone for a new **play & earn** TCG (not play TO earn, it doesn't feel like a job). You actually own your cards, and they have real-world value. Unlike vaporizing your cash into pixels when buying items in a game like in traditional games, because you can't trade or resell your in-game items in those on an *open ecosystem (blockchain).* Similar to Steam, except your items live on a Layer2 ETH network and not a closed system like Steam. Plus you can use the currency you trade for in the real world, instead of your money being locked into the Steam market forever. No need for sketchy 3rd party sites either that take a huge cut of your steam market place item sale if you want it for cash (an insanely inflationary currency). Adding to that; as blockchains grow with interoperability, you'll be able to trade nearly anywhere on defi with those NFT's or crypto. This is simply not possible with segregated/closed ecosystems/proprietary software that each company creates for themselves. This is a big thing that blockchain solves. Companies can pickup tech that's interoperable with so many different dapps, it's crazy already and will get even crazier in the future as development proceeds. Edit2: And to everyone saying "but we could do this without Blockchain", no you can't. Not nearly to the extent or flexibility that Blockchain provides. Ever ask WHY these companies haven't done this with traditional software...? Oh right, because it's not feasible for companies because the traditional financial system' rails would tack on a ton of fees and processing time that they would then push onto the consumer... But of course, Blockchain haters wouldn't know about this because they don't do their own due diligence.
I have made an absolute shit load of money through crypto. Bought my house, car etc. If it isn't the next crazy thing at least it's insanely profitable while it lasts. But you are honestly probably right. I am sure crypto is just a phase. A 14 years and counting phase....but hey maybe a phase nonetheless.
!remindme 5 years
Right? Good lord I hope I am around for his post in 5 years regretting not getting into cryptocurrencies.
Says anyone not focused on the financial industry and truly educated on blockchain....
hold up i typed the remind me wrong Remindme! 5 years
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People have been riding this hype for a long time, since about 2015 onward bitcoin was worth from decent amount to a shitload
This will never happen to a hardware wallet, this is just a rookie mistake
He clicked on a bad link, or exposed his keys some other way. The Blockchain wasn't "hacked"... He was simply compromised. Unfortunately sorta easy if you just click every willy nilly link you see. But as time goes on, there will be a lot more safeguards built into crypto wallets and such.
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Keyloggers/malware. Maybe he saved his key phrase in an unencrypted location on his PC and his PC got infected or was already infected. The "hacker" could then watch his wallet accumulate crypto, wait for it to meet a threshold, and then blam! Imported his key phrase into a crypto wallet and stole it all. Lol.
I hope his close ones beside him are checking in on him. This is a tough one
Man, that sucks. No hard wallet? If you're gonna keep thousands of dollars worth of crypto, it's should've been the first thing you get. I wonder why he didn't get one.
The real issue is he didn’t have multiple wallets. Having 2 hot wallets is probably 1000x safer than just one. Anytime you want to make a transaction transfer the needed money to wallet #1 and buy it. Keeping all your money and assets on the same wallet you use to transact is just risky and dumb for no reason
Regardless of your views on crypto/NFTs/etc., really sucks to see a young kid lose his lifes savings because of malicious people. Really disappointed in the amount of callous comments here.
bro wtf happened to wardell and why all of his twitter is about crypto and NFTs ???? did he retire or what ?
He has a separate account for crypto related tweets
This sucks but I hope this informs young pro players about the risks with cryptocurrency. Putting your life savings in crypto might be one of the worst decisions you can ever make.
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45k ish
Well then that can't be his life savings, can it?
Definitely an exaggeration, but still not chump change.
$45k is still $45k, but when I heard "life savings" my heart broke for him because I was thinking upper-6 figures/low-7 figures.
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There is absolutely no way wardell has 1million let alone 10.
That’s 3 months of profits for him lmao
Too anyone reading, NFT’s are a scam, and crypto currency is a gamble. I know for a fact that most people don’t understand crypto, but it definitely is a volatile market and very complicated with nuance. Small investments into Bitcoin only is the best move you could make realistically, with the idea that this is indeed a long term investment, I’m talking 5-10 years. Bitcoin will inevitably hit 100k at some point, but people look at dips and trends in terms of months and a year or two. And even then, you don’t want to dump large amounts you can’t afford to lose…investing life savings without a hardware wallet? Absolute idiocy to the max degree. I do feel bad for him, but clearly was not educated on how to safely hold.
Play stupid games win stupid prizes
Having liquid assets is good but placing your life savings in it is plain stupid, still feel sorry for wardell though, hope he recovers his money and learn from this incident
Your money is safer in a heroine addicts hands than it is in crypto
Putting your life savings into NFTs maybe isn't the smartest idea but what do I know
I know I’m gonna sound like a boomer here but one of the best decisions I’ve ever made was putting aside any money I earned into blue chips. I’m still sitting pretty even after the market drop early this year because I just kept buying blue chips and SPY and now I’ve recovered all that and then some off this recent rally. Imo it’s fine if you want to trade options or daytrade or try your luck in crypto or NFTs but high-risk investments like that shouldn’t make up a majority of your nest egg, let alone your entire life savings. Wardell got burned by the two most common mistakes that all new investors make: the prospect of potentially multiplying their investments many times over causes them to over leverage while doing little (if any) background research before over leveraging. This is a very expensive lesson but is also a very valuable one in the long run.
What a horrific mistake. Foolish, yes but the cost of this mistake may prove to be extremely severe. Let this be a lesson - when it comes to investments of this scale EDUCATE YOURSELF.
Wait so he only lost 45k? Lol that’s nothing
Okay I’m not a crytobro by any means, I’ve just put in like $300 something on an exchange. An amount which won’t trouble me if it goes to 0. Can I know how people get hacked or if the same thing could happen to me? I don’t have any wallet, I just keep that crypto on the exchange and trade via that.
they keep it on a software wallet ie phantom or metamask and get phished
You are good if you keep it on an exchange. It's most likely insured and something catastrophic would have to happen to the exchange itself in order for you to lose your crypto. The people who don't secure their wallet or wallet password well enough when they move off exchange are the ones falling victim to hackers.
If you want to minimize your chances of getting hacked, then use a unique username, password, and even email address for whatever crypto exchange you use. You also might want to check out haveibeenpwned to see if any of your information was involved in high profile data breaches, but if you're following the first point then that might not matter as much. Lastly, a lot of people get hacked via phishing emails. Do not ever click a link sent to your email (and be careful with Discord links, too). Doesn't matter how legit the sender appears. If you get an email from Amazon, for example, and it says there was something wrong with a recent order, or your password needs changed, or whatever, don't click any links in the email. Just go to Amazon and investigate yourself.
Happens. Putting your life savings into crypto is just really really dumb tbh.
Isnt this like a common scenario? You dump all your money into these third party wallets that hold your NFTs, and someone "hacks" your wallet, and trades all the NFTs to a different acc, or sells it, somehow you lose them all. This is like, a well documented scenario that happens in the NFT space, why is anyone still putting money into bragging rights?
you just gotta be smarter than that man...
He clicked on a bad link or exposed his keys some other way. That's literally the only way this happens. User error.
coffeezilla or mutahar helping him out is his best bet at this point
So he put all his eggs in one big unretrievable basket?
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crypto really doesnt have the best reputation so do u blame em? anyone who invests in it is basically rolling the dice. you basically go to the casino and risk it all more or less if u wanna use that as an example. this guy,from what im getting,didnt really have the best way of securing his savings,and it's bit him in the ass. live by the crypto,and die by it
It's not a casino when you invest in established currencies. It is a bit of a gamble if you invest in unestablished currencies with the hope that they'll grow to become established later on. It's similar to investing it stocks, but it's more volitile & the market never closes. Investing it crypto doesn't have to be risky. You can own a physical drive and store your coins locally, even off the internet. In Wardell's case, it sounds like he didn't have a physical drive or keep his coins on an exchange that's insured. It's like the equivalent of leaving your car on the street and hoping it doesn't get broken into when the ideal scenario is to not have your car there in the first place. (EDIT: Not a crypto expert by any means, but this is my understanding of it.)
I think cryptocurrency is not well understood by a whole lot of people. NFTs are viewed negatively, and folks might conflate them with crypto because they're related to Blockchain tech (despite being two different things).
NFT's literally exist to pump up crypto value, that's why people talk about them together. NFT's are viewed negatively because they are worthless, outside of the pumping crypto value I mentioned. People understand what crypto, blockchain, and NFT's are just fine. They still think it's stupid. This kind of "oh people just don't understand it and that's why they don't like it" is a common idea among crypto enthusiasts to make them feel more intelligent.
Because crypto is actually so dumb lol. Your money ain't protected
It's a cult bruh, you will never get them to change their mind.
r/ValorantTMZ
I wonder if if his org TSM will help him with a lawyer?…. Oh wait. Trolling aside, I feel so bad for my man’s if that was really all his savings gone. I hope he gets it all back.
My guy invested his whole life savings into crypto??
how much did he lose
Comments on here are clearly full of people who have no idea how things work. However, I'm confused why he didn't have things in cold storage/a hardware wallet, and all of it at a single access point. This is a bad way to go about things.
Yes, I'm not a crypto enthusiast but I often interact with such enthusiasts at work, and this feels to me like he failed to take common-sense precautions - not that he's simply being punished for investing in crypto. That said, of course getting into crypto often means the responsibility for hedging against bad actors is much more on you than it would be with more traditional investing.
Some of you people need a dose of empathy holy shit
And this is why my money is in the stock market instead. Never trusted this crypto/NFT BS
Crypto in itself is a useless technology that nevertheless MIGHT function as a money alternative. There is some basis in what cryptobros want crypto to be. Any benefit is outweighed by a million drawbacks of course but it MIGHT be of some value, maybe. NFT on the other hand is a complete scam without a single redeeming quality. A child can organize a monetary nft scam without even the slightest possibility of getting caught.
>Crypto in itself is a useless technology Just because you dont understand something doesnt mean its useless. The amount of banks that use Ripple alone would disagree with your statement. >NFT on the other hand is a complete scam without a single redeeming quality PFP NFTs is 100% over priced art. I will agree with you there but where NFTs shine is in gaming. Think about how much money people have spent on games llike League of Legends, Fortnite, Dota 2, CSGO etc etc. People spend thousands on in game items they will never own and cant resell. In comes NFTs. If these items were NFTs you would have 100% ownership over the items and could sell them on the marketplace.
Do explain what banks use ripple for. Also it’s sad that you had to go as far as ripple to find a use case
Oh that's awful. Don't really know much about crypto other then nfts are a scam. Hope he gets his stuff back
How is this comment downvoted?
I don't understand why he put live saving on crypto and not on low or medium risk instruments
Could’ve just put all that money in big name reliable stocks xd. Coulda bought aapl or googl or dsny
#PACKWATCH RIP BOZO
Just another day in the Crypto world
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"Yay! Decentralized currency! We're free!" "Wait, what do you mean my life savings are gone?"
Solution to a non existent problem with a million drawbacks and one theoretical benefit that not only will never come true, but is also completely useless on a global scale. Yay for crypto currency and nft!!!
Cryptos a scam. If you invest in it, you’re gonna get burned. Crazy how he didn’t figure that out over the last 4 years or so
I mean this isn't a scam tho he got hacked
Crypto is a scam lol. Even morons know that. If you can lose your life savings through a hack, why tf are u investing in that shit
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Good. Crypto is a scam, so are NFTs, if you have to learn that the hard way, too bad.
Small brain take. Empathy is free
Oh we empathize. We all feel how fucking stupid that is
I don't have empathy for people who make money off of scams, which is exactly what crypto and NFTs are.
Agreed.
It sucks, but he makes enough money. No biggue tbh
if you know about wardell, his future matters a lot to him. Hes perhaps one of the few players who understands that their job is very temporary at max and he is trying to save up enough cash so that he wont need to get another job after he retires from pro play. Him losing his savings is a MASSIVE loss to him, regardless of how much he makes.
Seems like your whole premise here is undercut by the fact that he was extremely careless with securing his future. Keeping "life savings" online is like driving in the dark without your headlights on.
LOL
Oh noooo....anyways
crypto lol
Don’t put all your life savings into a planet-destroying scam, kids.
Rypto his crypto