Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. These risky bets are possible as DIY or self-managed superannuation funds (SMSFs) fall outside the remit of the prudential regulator that oversees professionally managed funds, thereby allowing them to invest with fewer restrictions. Tens of thousands set up such funds over the pandemic, pouring money set aside for retirement into markets, including cryptocurrency.