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10 Dramatic Stories of People Who Lost Their Bitcoin Private Keys

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There have been a lot of cases in the past where people have lost a very huge amount via losing their bitcoin private keys. Here are the top 10 stories.

Bitcoin and cryptocurrencies have been a huge medium for investments in the last few years. The prominent reason is the high value of bitcoin and other cryptocurrencies. Who one would not buy some bucks having the value of one unit equal to some thousands of US Dollars?. Since the money involved is pretty high, these valuable investments also need to be secured and maintain privacy.

Losing an important credential in any field may cause a huge loss of property and crypto space is much vulnerable in case you lose your private keys. There have been a lot of cases in the past where people have lost a very huge amount via losing their bitcoin private keys. In this article, we will see the list of 10 dramatic stories of people who lost their bitcoin private keys:

 

1. A person, named James Howells lost his bitcoin private keys and it cost him a loss of around $79 million! Howells had around 7500 bitcoins in 2009 and had stored the private keys of the bitcoins in a hard disk. Four years later, he had two similar hard disks in a drawer out of which one was empty and corrupted while the other one was containing the bitcoin credentials. Unfortunately, in the sake of throwing the corrupted disk, he threw away the disk that contained the bitcoin private keys! This silly mistake cost him around $79 million. IT was so unfortunate for Howells.

 

2. A person lost 30 bitcoins due to a keylogger program. He was unaware that a keylogger program has somehow entered in his laptop without his knowledge. A keylogger is a fraud program which mainly aims to track the credentials of your system. As usual, one day he was looking for the private keys and the value he has in his pockets in form of bitcoins. Another day, he found that all of his coins were already sold and that too without his knowledge. First of all, he thought, he was entering the wrong credential but finally end up finding a keylogger program in the system when scanned by a system scanner software. He lost around $300000!

 

3. Syl Turner is a software engineer in Atlanta. In 2010, he bought two bitcoins and saved the private keys in his computer. He recalls, at that time, bitcoin was not so valuable so he didn’t care about the keys. A few years later, he bought a new laptop and threw his old computer in his attic. In 2017, when he heard about the value of bitcoin, he recalled that he also had mined two. He went to his attic and checked for the old computer. The computer was not working now and all the data was erased. And unfortunately, he lost around $35000.

 

4. A person in Switzerland had saved his bitcoin private keys in a USB drive which he bought in 2009. In 2016, he transferred the file containing these private keys to his personal computer as the USB was on the brink of breaking. He thought he would buy another new USB and would save the files. However, before he could buy a new one and the software of the personal computer crashed and now, he had no back up of those private keys. The lost keys had the value of around $40000.

 

5. As per Michael Yang, his friend along with his business partners bought around 500 bitcoins. For sake of trust, his friend had half of the bitcoin private keys while his partners had the rest half private keys. Unfortunately, all of a sudden the business partner of Yang’s friend passed away and so around $9.5 million he lost as his friend and the family of the partner failed to retrieve the half of the private keys. This was so heartbreaking for Yang’s friend.

 

6. Forgetting your bag in a public place always cost you, but not up to the extent that John lost with the bag containing the USB of bitcoin private keys. John, a college student had bought 10 bitcoins in 2012 and was provided a USB containing the private keys of the coin. In 2017, while shifting from one place to other, he forgot the bag containing USB somewhere in the way. And this mistake cost him around $100000!

 

7. Alex mined around 1000 bitcoins in 2009 and stored the private keys in a USB drive so that if anything happens to his computer, he would still have a backup. After a few months due to some technical error, he wiped all the data of his computer by assuming he still had the backup for bitcoins. When he heard about the value of bitcoin in 2017, he was dreaming to be a millionaire. He inserted his USB drive in the laptop but unfortunately, the drive became corrupted and eventually died. He couldn’t believe he lost millions of dollars in a few seconds!

 

8. Amily, of Ukraine, mistakenly deleted the only backup file containing the bitcoin private keys. She had saved the files of keys of about 10 bitcoins in one folder and also had some other folders in the same directory in his system. She first opened the folder containing keys and she realized that there are some folders that she didn’t require them. So, she entered Shift+Delete. As the folder containing the keys was also selected and Amily was not aware of that, the file got permanently deleted from the system and hence lost around $120000!

 

9. A man in Japan lost around $50000 in form of bitcoin and he couldn’t blame anyone except his pet dog! He mined around 50 bitcoins in 2010 and stored the private keys in a USB. He had a pet dog. In 2016, while shifting the apartment, USB slipped from his hand and suddenly, the pet thought it to be some playing stuff and chewed it. He couldn’t believe that he just lost a significant amount of money. Seven years later, in November 2017, if he would have wanted to sell those coins to redeem money, the value would have been around $50000.

 

10. In 2016, NSW in Australia was hit by the flood. A man who had saved his bitcoin private keys in a hard disk lost around $50000 in this flood. He has kept the hard disk in a drawer and was on holidays with his family. The flood hit his town and before he could save the disk, his house was merged with flood water. The flood water entered inside the disk and made the disk corrupted and of no use. When he came back, all the details were wiped from the hard disk as it was of no use then.

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Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes

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These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate.

 

Record of BTC Contract Size on CME:

As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.

cme-futures-trading-volume

Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading.

 

When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.

 

This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle.

 

As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report.

 

Exchange traded funds are the future:

In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC.

 

GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund.

 

Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want.

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Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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