Naga Wallet Hacked

First of all, I want to say that I am a crypto believer. I really think that cryptos has a bright future. I do not know how and when but it will certainly happen. However, in order to achieve the point of mass adoption, we need a safe environment. Everyone talks about regulation and volatility, it is important of course, but security is to me the key element. You cannot wake up every morning wondering whether your wallet has vanished or not.

Naga wallet is part of Naga group, a German listed company, headquartered in Hamburg and thus regulated by the German authority. They have raised USD 30 million in one IPO and one ICO. I trusted Naga because it is German, regulated and they seemed to consider security as an important matter. I participated in the ICO and gathered more than 20 cryptos and tokens in the Naga wallet.

As I mentioned last week, my Naga wallet was hacked and all my cryptos were stolen. The Naga wallet security protocol is weak and executed by amateurs. Not only does Naga refuse to take any responsibility and give me a refund but they are also incapable of apologizing. I sent 3 emails to the managers of Naga (Benjamin Bilski, Christoph Bruck and Yasin Qureshi) who did not even bother to reply. This lack of empathy is actually what amazed me the most. I checked in the dictionary and I can confirm that the words “sorry” and “empathy” exist in German, so no excuses! You must spend too much time taking selfies at the stock exchange or in front of a bull in New York (so cliché by the way…).

Naga is a listed company in one Europe’s biggest countries. I urge the local regulator to investigate and force them to improve their security process or close the Naga wallets. I also urge the financial medias to cover this story as the general public’s savings are at stake (naga stock, naga coin and naga wallet). The police should conduct an investigation to try to find out who is behind this. As far as I know, it might as well be an insider job?

My goal here is to let the public know about what happened to me so it does not happen again to anyone else. You might be a cryptos believer, curious about cryptos or have no interest in cryptos. Actually, even if you are in the latter category, you can be sure that you have friends or family that have an interest for cryptos so it should be in your interest to spread this information. The cryptos lovers might think that it is better not to relay the story, but you are wrong. We need to put a stop to this rogue company, or at least force them to invest in a functional security system. That is the only way the cryptos market will gain trust and be able to develop.

I have already started to contact lawyers, media, the police and the local regulators but I need your help to accelerate the process and make things move faster. In order to do so, I need you to like and share this post. Besides, if you have connections within: The German financial regulator; media; or lawyers you are welcome to pm, email or call me (my contact info is on my profile).

Written by: Christophe Mirek

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