" class="no-js "lang="en-US"> Chris Skinner Opens up about the Mt. Gox Crypto Hack!
Saturday, November 26, 2022

Chris Skinner Opens up about the Mt. Gox Crypto Hack!

Listen to the full podcast audio version here.

It seems Chris Skinner has somewhat of a third eye. From banking as a service to the influence of India and China on payments, all the way to crypto, the Chairman of Nordic Finance Innovation, and Non-Executive Director of 11:FS saw it all – including the Mt. Gox crypto hack.

“A lot of people put their life savings into Bitcoin, ripple, or Dogecoin, and they lost it all in the last 6 months because of the crash!”

Chris Skinner

In this segment of the FF Salon, Chris talks about his fraught journey with crypto and passes on some words of wisdom for those intimidated by the currency.

8 years ago, Chris laments a multimillion-dollar loss he experienced in early-stage crypto with the now defunct Mt. Gox. “So basically, Mt. Gox got hacked, and it was bankrupted and shut down, this was in 2014, and all the people in Bitcoin knew that you really should have your Bitcoins held in a hard wallet, a hardware wallet that you carry around, like a USB drive. But I kept mine on the exchange because I thought it was safe, and it wasn’t safe.”

Since then, the cryptosphere has changed drastically. A crypto hack can and do still happen, but the security and blockchain technology used to protect exchanges have become more watertight. Yet, he still holds a level head, “A lot of people put their life savings into Bitcoin, ripple, or Dogecoin, and they lost it all in the last 6 months because of the crash.”

Crypto at the end of the day is a type of gambling, so new players should be cautious and only invest what they are willing to lose.

FF Salon was filmed at Fintech Week London 2022 and will be making a return at SIBOS in Amsterdam, 10 – 13 October 202 – Look out for us on stand DIS30.

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