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 also business owner, Michael Terpin took legal action against AT&T, an US based multinational telecoms business, for $224 million; Dogecoin (DOGE) owner, Jackson Palmer has stepped forward, voicing his viewpoints against SIM hacking as well as calling it a “dreadful thing”.

Michael Terpin’s loss has distressed cryptocurrency investors like Palmer. Palmer articulated his opinion on Twitter via a selection of tweets. Talking about SIM hacking, he tweeted: “I certainly sympathize with individuals who obtain hacked via SIM hacking, it’s an awful point that I rejoice is getting eyes on it. At the same time, in fact use cryptocurrency as planned would minimize these attacks entirely.”

Dogecoin founder inquiries trusting central exchanges with cryptocurrencies
Pointing out Terpin’s loss, the creator of Dogecoin stated that the occurrence is a ‘dig’ at the crypto holders that hand over centralized exchanges with their cryptocurrencies that deserve as high as $24 million. Cryptocurrencies are expected to maintain centralized exchanges away as cryptocurrency holders are meant to be their “own bank, without any centralized event holding your secrets”.

His tweet said: “^ this isn’t really a dig at cryptocurrency, it’s a dig at anyone who keeps $24M well worth of cryptocurrency on a central exchange, defeating the entire function of said cryptocurrency.”

Palmer specified that it is unexpected that cryptocurrency millionaires are suffering by very same technology. “… but you need to appreciate the paradox of cryptocurrency millionaires falling prey to something that the technology they support for naturally aims to solve,” Palmer tweeted.

Message for Telecommunications providers
Palmer sent words of recommendations for the telecommunications company. Urging network service providers “to obtain their act with each other”, he also inquired to “stop sustaining SMS 2FA”.

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