[righttackle44]

I am a cryptocurrency newbie, and I have been searching for stories such as this. I am even as yet undecided (I'm still in the learning and research phase) which wallet to use because I feared something such as this could happen. Happily, my mentor, through Udemy, has given me good advice, and I am taking it slow and easy.

Shame about this. I hope no one took a huge hit, though there is this: if one is funding cryptocurrency activity through a simple side business, then one is not taking a hit on income or asset, but only currency.

[Dilbert San Diego]

I never understood about Bitcoin or other crypto currency.

It seems to me that Bitcoin only has value because people decided to believe that it has value.

Everybody participating decided that Bitcoin miners would be rewarded with Bitcoin for their efforts. What productive work are they doing besides solving some sort of equations on a computer? How does this activity Warrant them getting more Bitcoin, except that everyone decided that this is how it should be? But the vast majority of the world does not use Bitcoin so why should it have value?

[Right_Wing_Madman]

I am a cryptocurrency newbie, and I have been searching for stories such as this.

I don't know about the other cryptocurrencies, but if you decide to purchase bitcoin, create a private wallet with a private key (a coded sequence, or password, that you and only you know) and hold the bitcoins yourself. NEVER LET A THIRD PARTY HOLD YOUR BITCOINS FOR YOU. Look up the Mt. Gox debacle. As Elvis Costello sang, "Accidents will happen..."