Here’s Ten Scary Stories of Crypto Investors Losing Private Keys to Their Bitcoin So You’re Not the Eleventh
The crypto coin together with the Bitcoin has been a great source of investments for many individuals within the market in the past few years. The main reason for this is the high value of the bitcoin together with other crypto coins within the market.
As the money that is associated with this growing market in this valuable investment that we tend to get into needs to be adequately secured plus also maintain the necessary privacy restrictions.
But with all this in mind there have also been several cases reported in the past were different investors had suffered huge asset losses through the loss of their private keys. Below are some of the ten dramatic stories of people who have lost their Bitcoin private keys.
The ten dramatic stories
1. The first is James Howells, who lost his private keys costing about $79 million. In 2009 he had around 7,500 Bitcoins and had the private key stored in his hard disk.
Fast forward to four years later he had two hard drives that were similar, one corrupted and the other with the digital assets, as he was throwing the corrupted disk he, unfortunately, threw a disk that had contained private keys for his bitcoins.
2. The second person lost about 30 bitcoins because of a keylogger program, as he was unaware that this program had made its way to his laptop. A Keylogger has been designed as a fraud program that is used in tracking the credentials that are in your system.
3. Syl Turner who is a software engineer in Atlanta, in the year 2010 he bought about two bitcoins and from the private keys he saved them both in his computer. But at the time the coin was not as valuable and didn’t care much about it, years later he bought a new laptop and threw the old laptop, in 2017 when he finally heard the value of the Bitcoin he remembered his two Bitcoin but unfortunately his computer was not working and lost it all.
4. An individual in Switzerland had his bitcoin private keys saved on a USB which he had bought in 2009. In the year 2016, he went ahead to transfer the file that was containing the keys to his personal computer, as the old USB was breaking and he needed a new one.
But before he could get a new one the software that was on his personal computer crashed. And he lost about $40,000.
5. Michael Yang together with his business partners went ahead to buy 500 bitcoins, to ensure there was trust his friend kept half of the bitcoin private keys and his partner the other half. Unfortunately, Yang’s business partner passed away, and he lost about $9.5 million.
6. When you forget your bag in a public place, it can significantly cost you, especially like an individual like John who lost a bag that contained his USB with the private keys. In 2012 he was able to buy about ten bitcoins, in 2017 as he was moving from one place to another he lost his bag.
7. Alex had been mining and was able to get about 1000 bitcoins back in 2009, and the private keys were stored in a USB drive. A few months later he went ahead to wipe his laptop due to a technical error as he thought he had a backup of the Bitcoins. In 2017 when dreaming of being a millionaire, he tried the USB and found it was corrupted.
8. In Ukraine Amily went ahead to delete the only backup file that she had containing the private keys for her bitcoins, this was done mistakenly. In one folder she had saved about ten bitcoins together with other records this is where she deleted the vital file.
9. In Japan, a man lost about $50,000 in bitcoins and his pet dog was to blame. In 2010 he was able to mine about 50 bitcoins and the private keys stored in a USB, in 2016 is when the dog sow the USB and though it was a toy and started chewing on it.
10. During the flood that hit Australia back in 2016, a man had saved his private keys in a USB and got lost in the flood. He, unfortunately, lost about $50,000 in the flood.