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 business owner, Michael Terpin sued AT&T, an US based international telecommunications business, for $224 million; Dogecoin (DOGE) owner, Jackson Palmer has advance, voicing his point of views against SIM hacking and calling it a “horrible point”.

Michael Terpin’s loss has upset cryptocurrency investors like Palmer. Palmer voiced his point of view on Twitter through a range of tweets. Discussing SIM hacking, he tweeted: “I obviously feel sorry for the people that get hacked by means of SIM hacking, it’s a terrible thing that I’m glad is getting eyes on it. At the same time, really use cryptocurrency as intended would certainly alleviate these assaults completely.”

Dogecoin owner concerns relying on centralized exchanges with cryptocurrencies
Pointing out Terpin’s loss, the owner of Dogecoin specified that the incident is a ‘dig’ at the crypto owners that leave central exchanges with their cryptocurrencies that are worth as much as $24 million. Cryptocurrencies are meant to keep central exchanges away as cryptocurrency holders are supposed to be their “very own financial institution, without any central celebration holding your secrets”.

His tweet said: “^ this isn’t a dig at cryptocurrency, it’s a dig at anybody that maintains $24M worth of cryptocurrency on a central exchange, beating the entire objective of stated cryptocurrency.”

Palmer specified that it is unexpected that cryptocurrency millionaires are suffering at the hands of same innovation. “… however you have to appreciate the paradox of cryptocurrency millionaires dropping target to something that the technology they support for inherently intends to resolve,” Palmer tweeted.

Message for Telecom service providers
Palmer sent words of advice for the telecom company. Urging network service providers “to obtain their act together”, he also inquired to “stop supporting TEXT 2FA”.

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