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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Crypto SIM Hack: Somber Reminder To Never Invest More Than You Can Afford to Lose

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
crypto bitcoin investment advice invest

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The crypto market is a volatile market, and the emerging class of digital assets can both make millionaires overnight and completely wipe out one’s wealth in days.

It’s also a wild west environment, rife with scammers, hackers, and more at every turn. A recent SIM-card hack resulting in a substantial amount of crypto being stolen, is the perfect reminder to enter invest more than you can afford to lose when it comes to the world of Bitcoin and cryptocurrency.

SIM-Card Hack Victim Loses $1.8 Million Made From Home Sale

California native Seth Shapiro recently sold his family home where he and his wife resided, and took that money and invested it into cryptocurrencies like Bitcoin and Ethereum.

Related Reading | Send Bitcoin and Other Crypto To Uncensorable, Personalized Domain Addresses 

The bold move had the potential to make him a fortune, but also put the proceeds of his home sale at serious risk if the market took a downturn and values of leading crypto assets began to plummet once again.

Instead, though, Shapiro fell victim to a SIM-card hack, where hackers were able to gain possession of sensitive account information and two-factor authentication codes that protected access to Shapiro’s crypto accounts – which the hackers were then able to empty.

https://twitter.com/wyatt_privilege/status/1187426849351225344?s=21

In total, Shapiro was robbed of $1.8 million in crypto, with some of it being related to business initiatives, while the remainder was funds that were derived from the sale of his home. Shapiro now says that he doesn’t have enough money to buy another home for his family, and it’s caused great feelings of instability and anxiety for this entire family.

While hacks like these are difficult to protect yourself from,  such an enormous amount of money – proceeds from the sale of his own home – should never have been put at such risk. Among the first things crypto investors are told when they are considering investing in digital assets like Bitcoin, is to never invest more than they can afford to lose.

Beware: Irresponsible Investment Advice Offered to Crypto Investors

The irresponsible example of risk and loss comes just a day after a prominent Twitter account with over 9,000 followers, publicly suggested that taking a home equity loan of 85% the value of one’s home to buy Bitcoin was an intelligent idea. The influencer said that an 85% loan on a million dollar home could buy over 100 BTC, and that anyone who did that would essentially be set for life, and once Bitcoin reached $87,000, it would net the individual a nearly $10 million dollar profit.

Did you know that if you're a homeowner you can typically borrow up to 85% of the value of your home? So on a property worth $1 million with no outstanding mortgage, that's $850K. At the current price, you could acquire over 100 Bitcoins. In November 2020, the price is…

— Mike In Space (@mikeinspace) October 24, 2019

But like in the case above with Shapiro, anything can happen, and the entire value of one’s home could be lost, all while being stuck with a home equity loan of $850,000 to pay off. Such investment advice is not only irresponsible, but it could also be illegal.

Related Reading | Bitcoin Made Busting Dark Child Porn Ring Easy For US Justice Department 

Don’t be foolish and take risks with shelter for your family, and let this instance serve as a reminder to never invest more than you can afford to lose – because if you’re investing in cryptocurrencies, there is always a chance it all disappears overnight.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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