# #115 Untangling: Losing All Your Bitcoin...?

Page: https://stenobird.com/podcast/untangling-web3-6400051/115-untangling-losing-all-your-bitcoin
Text version: https://stenobird.com/podcast/untangling-web3-6400051/115-untangling-losing-all-your-bitcoin.md
Podcast: [Untangling Web3](https://stenobird.com/podcast/untangling-web3-6400051)
Published: 2025-08-06T22:24:24+00:00
Episode link: https://rss.com/podcasts/untanglingweb3/2154942
Audio file: https://content.rss.com/episodes/211560/2154942/untanglingweb3/2025_08_06_22_15_45_9a75ba66-342a-490d-89a0-d96cb5a7a04d.mp3
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JSON: https://stenobird.com/v1/public/podcasts/untangling-web3-6400051/episodes/115-untangling-losing-all-your-bitcoin
Duration seconds: 2357

## Resource

In this episode, Alec shares a harrowing story of Bitcoin loss, digital vulnerability, and eventual recovery. After his phone was stolen during a night out, Alec discovered that his Coinbase account had been compromised—resulting in the theft of his entire Bitcoin holdings. This candid conversation explores what went wrong, how crypto thefts are becoming more sophisticated, and what lessons can be drawn to protect yourself in the age of digital finance. Key highlights: How the Theft Happened and the Shocking Aftermath: Alec recounts the moment his phone was snatched in London and how, within minutes, the thieves accessed his Coinbase app and drained his Bitcoin. Despite biometric protections and multi-factor authentication, the attackers managed to bypass security and execute transactions. Alec describes the emotional toll, the helplessness of watching the funds move in real time, and the feeling of transparency without control as he tracked the Bitcoin theft on-chain. The Role of Custodians and Coinbase’s Response: The episode highlights a surprising silver lining: Coinbase investigated the incident thoroughly and refunded the stolen funds after six weeks. Alec praises the company’s approach, transparency, and user support—contrasting it with other platforms where victims often receive no compensation. This part of the conversation reignites the debate between self-custody and trusted custodians, underscoring the importance of platforms that provide recourse in the event of security failures. Crypto Security, Recovery Challenges, and Broader Implications: Jack and Alec delve into how the immaturity of police investigations, social engineering, and growing AI-enabled attacks complicate crypto security. They explore how blockchain’s immutability—one of its greatest stre…

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## Transcript

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