Bitcoin investor’s crypto theft: Dogecoin founder takes a dig at holders for trusting centralized exchanges

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August 17, 2018 by
Bitcoin investor’s crypto theft: Dogecoin founder takes a dig at holders for trusting centralized exchanges

After Bitcoin investor and entrepreneur, Michael Terpin sued AT&T, a United States based multinational telecommunications business, for $224 million; Dogecoin (DOGE) founder, Jackson Palmer has actually stepped forward, voicing his point of views against SIM hacking as well as calling it a “terrible thing”.

Michael Terpin’s loss has actually surprised cryptocurrency investors like Palmer. Palmer articulated his point of view on Twitter with a selection of tweets. Discussing SIM hacking, he tweeted: “I certainly sympathize with individuals who get hacked via SIM hacking, it’s a horrible thing that I’m glad is obtaining eyes on it. At the same time, in fact make use of cryptocurrency as meant would certainly minimize these attacks totally.”

Dogecoin founder questions trusting central exchanges with cryptocurrencies
Citing Terpin’s loss, the creator of Dogecoin specified that the case is a ‘dig’ at the crypto holders who leave central exchanges with their cryptocurrencies that are worth as much as $24 million. Cryptocurrencies are supposed to maintain central exchanges away as cryptocurrency holders are supposed to be their “own financial institution, with no centralized event holding your keys”.

His tweet claimed: “^ this isn’t a dig at cryptocurrency, it’s a dig at anybody that keeps $24M worth of cryptocurrency on a central exchange, defeating the whole purpose of said cryptocurrency.”

Palmer stated that it is unexpected that cryptocurrency millionaires are experiencing by very same innovation. “… however you have to appreciate the paradox of cryptocurrency millionaires falling prey to something that the modern technology they advocate for inherently intends to resolve,” Palmer tweeted.

Message for Telecommunications companies
Palmer sent words of recommendations for the telecom service providers. Urging network suppliers “to get their act together”, he additionally asked them to “quit supporting SMS 2FA”.

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