I was reading the news a couple days ago and this article was mentioning a California man lost all his life savings because he was using a crypto exchange company called QuadrigaCX.
Apparently the man from California was planning to move to Canada and decided to convert his $422k USD into Bitcoin. He was then planing to convert his Bitcoin into cash and withdraw the money to his Canadian bank account. Well to his surprise his withdrawal request was denied once he made it to Canada.
The company QuadrigaCX went insolvent and this man and 100,000+ other people COULDN’T withdraw their funds or transact! It appears that the CEO of this company unexpectedly passed away while on a trip to India. This CEO was the only person that had access to the keys of the cold wallet systems of his company. Now the company owes $190millions to his customers worth of crypto! WOW!
The California man was trying to avoid paying for an international wire transfer and fees on his $422,000USD, but I don’t understand why he would use Bitcoin to do so. Bitcoin and cryptocurrencies in general are SO RISKY. In fact in this guys case, and 100,000+ other people it was 100% risky as they lost millions!! Instead of paying whatever fee for the wire transfer using his local bank, he gambled it all -Vegas style and LOST all of it.
With the mentality of “scarcity” and “save money” I can see why bad things happen to good people. I don’t think people have a savings problem, I think it’s an INCOME problem. That’s another topic for another day…
I think of Bitcoin and other cryptocurrencies as high risk, gamble, and get rich quick schemes! How about you?
Thanks
Alex Verdea