You hold cryptocurrency in a self-custody wallet. You are the owner of crypto assets that you hold and you have absolute control over it. That's the power and freedom you get in crypto. People lose their cryptocurrency if their private key is compromised or they reveal it accidentally.
Brazilian crypto YouTuber Ivan Bianco made a mistake by accidentally displaying the private key of his wallet while live streaming on his YouTube channel Fraternidade Crypto. No one expects that. It is because they know the consequences of this action if that happens.
Ivan Bianco quickly stopped live stream to check his crypto wallet and transfer crypto to another wallet. But it was too late because someone already transferred 86,000 MATIC worth around $50,000 from the wallet. It is terrible. Crypto YouTuber claimed to have lost his life savings in this incident.
He came back in another live stream after leaving the first one realizing the mistake of showing the private key. He talked about what just happened and how much he lost. And he planned to submit a report to the local police. You will be sad to see anything like this when someone loses his crypto.
Crypto YouTuber claimed that he lost his entire life savings. Now few things might come to your mind. Did he invest his entire life savings in a single cryptocurrency, aka, MATIC? When you make any investment whether it is in stocks, crypto, or any other assets, you will make your move to reduce the risk.
You usually diversify your portfolio in crypto. It is unlikely that you put your life savings in a single cryptocurrency. That can be too risky if you do so. And if that's your entire life savings, you will be more careful so that you do not lose everything.
Another thing that might come to your mind is, will he hold his life savings in a single wallet? You can have multiple crypto wallets to hold crypto. In case your private key is compromised somehow, your crypto in other wallets remains safe.
You take more risk holding your entire life savings in one crypto wallet. People do not make mistakes willingly. If something happens accidentally, you may not have control over that. You can make your move to increase the security and safety of your cryptocurrency so that you do not lose your crypto.
Usually, it becomes difficult to recover crypto once that is lost. Crypto YouTuber Ivan Bianco said that he managed to recover $50,000 in some way. It is good to see that he gets his lost assets back. It is reported that he also lost some ETH and NFTs.
Crytpo gives you great power to have absolute control over your crypto assets and it comes with responsibility. You have to take the responsibility of securing the crypto assets that you hold. Once you lose your private key, that crypto is not yours anymore. The person who has the private key has access to cryptocurrency and gains control over it.