YouTuber Accidentally Shares Seed Phrase on Live Stream, Loses $60,000 in Various Assets

Crypto thefts might seem like the perpetrators put so much effort into scanning their victims. In the real sense, this is not always the case. More often than usual, crypto scams could be due to carelessness on the part of the crypto holder. This is the case of this YouTuber who reportedly lost $60K worth of his crypto assets. 

In this insight, we shall be revealing this YouTuber’s careless mistake that led to him being swindled of his crypto holdings. Also, we shall disclose some salient tips to help our readers avoid crypto thefts as much as possible.

Read Also: Ledger Warns XRP Holders of New Scam, Urges Vigilance

Circumstances Leading To The Crypto Loss

Ivan Bianco is a blockchain gaming YouTuber who hails from Brazil. Bianco owns the YouTube channel “Fraternidade Crypto (Brotherhood Crypto in Portuguese).” Bianco’s channel began operating in 2017 with over 2.2 million views and currently boasts about 34,000 subscribers. 

So, what went wrong for Bianco? Well, during one of his live streams on his channel, Bianco was reading a document containing his seed phrases. While presenting the manuscript, the Youtuber reeled off some words that most viewers convincingly deemed to be his seed phrases. 

One of his viewers who had accurately picked up correct details of Bianco’s security phrases assessed the Youtuber’s crypto wallet, ripping him of crypto and Non-Fungible-Tokens (NFTs) investments valued at $60k. The stolen digital assets consist of 86,000 MATIC tokens and 3.35 ETH. 

Having realized his mishaps, though it was already late, Bianco attempted to create a new wallet, which was useless at that time since his previous account was already compromised. 

In the end, Bianco resorted to filing a report with the police even though he seemed convinced that not much could be done to recover his stolen assets. 

Intriguingly, the perceived robber contacted Bianco, apologized, and returned some stolen funds. Based on reports, the crypto scammer repaid $50,000 MATIC tokens, implying that Bianco only lost $10,000.

Read Also: Ripple CTO David Schwartz Raises Alarm On Scam Site Promising 100M XRP Airdrop

Avoiding Being In Bianco’s Shoes, Follow These Tips

What happened to Bianco could have happened to anyone. However, some preventive measures could help safeguard crypto holdings. What are these security measures? 

~ Memorizing your security details has always been the safest practice, as there is no risk of anyone assessing it except you spilling it out. The only disadvantage of keeping your security details in memory is the fact that the memory could be fallible. 

~ If you must write and store your seed phrases, it should be in a physical material, locked up in a safe location.

~ Hardware walkers over digital storage.

~ Ensure you use encryption to lock out seed phrases stored in digital storage forms.

~ Splitting your seed phrases into different locations has proven to be effective 

~ Finally, be knowledgeable when answering some phone calls or SMS that might tend towards scams.

---

Follow us on Twitter, Facebook, Telegram, and Google News