HomeNEWSCrypto Hack of $100,000 Ruins Couple’s Retirement Plans

Crypto Hack of $100,000 Ruins Couple’s Retirement Plans

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Crypto scammers are setting their eyes on regular investors now. In a shocking turn of events, a couple based in Sydney has lost over $100,000 to a crypto hack.

Manu Kundra and his wife Shallu were saving up their crypto investment for retirement. Last year, the incident took place when the couple logged on to their crypto exchange platform.

However, a look at their account balance left them visibly confused. Instead of seeing their actual holdings of $104,000, the couple noticed that only $16.87 was reflected.

Moreover, the couple noticed their transaction history of May 30th 2021. It showed that at least 50 outgoing payments took place during that day. These payments ranged from $1.13 to $24,000

“I’m Going To Keep Working Till 65,” Says Crypto Hack Victim

With his balance gone due to a crypto hack, Manu Kundra has no choice but to continue working until he is 65. 

He says that his goal for venturing into the crypto space was to retire early. Accordingly, Mr Kundra says, “Initially I was going to work till 58, now I’m going to keep working till 65.”

Moreover, Kundra started investing in cryptocurrency between 2017- 18. He opened an account with the Australian cryptocurrency exchange, Independent Reserve.

Kundra invested around $45,000 of his savings into the platform during the crypto market bull run.

However, post this phase, the market crashed. Thereupon, Kundra stopped investing heavily in the market. Also, he let his investment sit idle in his account for two years.

Then, in 2020, the market picked up again, and the scam victim renewed his interest. Kundra’s initial investment doubled during this phase from $45,000 to $104,000 in May 2021.

However, his happiness didn’t last long. Soon after, hackers broke into his account and locked him out. Moreover, the attackers changed the password of Kundra’s account.

Also Read: New Tax Rate On Cryptocurrency: A foul play by India

Independent Reserve Refuses To Compensate The Hack Victim

Immediately after the crypto hack, Manu Kundra notified the crypto exchange platform. However, by then, it was too late.

According to Police Investigation, his money first went to Turkey and Nigeria. The police tracked the IP address to locate the money. However, they could not find any links after it went to Nigeria.

Moreover, the police will not carry out any investigation as the criminals are out of their jurisdiction.

The crypto exchange platform, too, has refused to help Manu Kundra. They say they are not responsible for the breach. Furthermore, they claim that the problem was on the victim’s end.

According to the Independent Reserve, it is the customer’s responsibility to protect their credentials on the platform.

To make matters worse, Kundra’s crypto assets were worth $150,000 in November 2021 during the market peak.

Customers investing in crypto should be aware of the possible risks involved with the digital asset. Price volatility, no government protection, and now with consequent hacks, users should always exercise caution.

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