Michael Terpin is an American blockchain and crypto investor who has worked with over 100 projects running Initial Coin Offerings since entering the blockchain space in early 2013.Terpin co-founded BitAngels in 2013 and, more recently, founded blockchain PR firm Transform Group.
The entire crypto community has been targeted by gangs - crypto gangs - for quite some time, and it accelerated as the price of Bitcoin and other crypto assets went up.
The biggest risk to anybody who's high profile in the crypto industry, and really anybody who has identifiable involvement in the community, is that major phone companies promise you security and don't deliver it.
I did not lose that much the first time, I thought my crypto assets were already pretty secure because I have all my major assets in bank vaults and Trezors and Ledgers.
OC: Basically what happens is that they now have access to change your passwords, because they just confirm with the phone number?
There are many other pieces of software that have your phone number as your identity.
Not to be offensive, but why was that much money in a place that was accessible by a phone number?
I would say, if you are a recognizable person in the crypto industry, you can't use any of the major four phone companies, period.
If you for some reason need to use them, you have to make sure that any time that you use any piece of software that ever asks your phone number, do not give AT&T or any of the other ones.
It's SIM-jacking, basically, that's the biggest threat to individual assets right now.
BitAngels' Michael Terpin: Negligence of Major Phone Companies Is Crypto's Biggest Threat
Published on Aug 31, 2018
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.