6:52:38 PM PDT - Wednesday, March 22nd, 2023

Once scammed for ten grand, this VC is building a crypto security vault  

By Editor - Wed Mar 15, 6:47 am

One of the barriers to bringing cryptocurrency into the mainstream is the frequency of fraud in the space. Last year alone, over $3.9 billion worth of crypto was “lost”, according to an industry report , even though the number was already down roughly 50% from the year before. Francois Le Nguyen , an angel investor and former general manager at Entrepreneur First, is among the victims of crypto scams: in a phishing attack on Discord, he lost $10,000 worth of Ethereum and NFTs. If even prudent investors like himself and notable NFT figures such as Kevin Rose are susceptible to wallet hacks and scams, everyone else is vulnerable, Le Nguyen told TechCrunch in an interview. “The motivation is to prevent my family members, my friends from getting screwed because I know that eventually one of them will be screwed,” he said. “While we talk about owning your own keys as the next wave of the way you should manage your assets, if you don’t have the tools to protect yourself, disasters are gonna happen, because every single thing you interact with could be a potential threat, which is so scary.” The distressing loss prompted Le Nguyen to develop security solutions for crypto transactions with the help of his co-founder Jake Harwood , an effort that eventually became Staging Labs .

Read the original here:

Once scammed for ten grand, this VC is building a crypto security vault

Leave a Reply

You must sign in to post a comment.