I'm a student and put my entire life savings into crypto but lost EVERYTHING after making a terrible mistake
A GUTTED student has told how they lost EVERYTHING by making one huge mistake after pumping their entire life savings into crypto.
The naive investor said that for the past few years, they had been "slowly accumulating" different crypto coins.
Taking to Reddit to reveal their heartache, the student, posting under username TrulyWacky, said: "One mistake caused me to lose everything.
"Because my portfolio grew very quickly, the majority of my networth was in crypto (like 90%), so I guess another mistake was not taking profits.
"I’m a student, and that was life changing money.
"I’ve got scammed and revealed my private key, and my wallet was wiped clean."
The devastated student added they are now going to "cut the loss and start from zero".
"Be safe and careful," they added.
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Meanwhile, one man revealed he woke up to find he had lost nearly $500,000 (£378,000) on a cryptocurrency scam.
Brian Nyugen admitted he had become a victim after the developers of AnubisDAO – another dog themed cryptocurrency like Shiba Inu – allegedly made off with $60 million (£40m) of investors' cash.
Buying any cryptocurrency is incredibly risky.
With any investment, there is a risk that the value of your money could go down as well as up. That means you should only invest money you can afford to lose.
Crypto can be riskier than other investments because they are volatile and speculative – their price often rising and falls very quickly, sometimes seemingly for not reason.
Many cryptocurrencies have a short track record, making them difficult to understand and predict.
This type of investment is also not protected by the regulator which means you have no protection if things go wrong.
The UK regulator has warned that Brits risk losing ALL of their money if they invest in cryptocurrencies.
If you are considering investing in any type of crypto, do your research first and only invest money you can afford to lose.
Be wary of scams, too, as the crypto market is often a target for fraud.
Look out for fake celebrity endorsements or social media profiles pushing certain coins.
The risks of buying with cryptocurrencies
Investing and making a purchase in cryptocurrencies such as Bitcoin is risky .
Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.
Investing in cryptocurrencies is not a guaranteed way to make money.
You should also think carefully about making purchases with a cryptocurrency.
For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.
The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.
That's a 15% drop.
These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.
Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.
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