Investor Fails to Note Down Wallet Passphrase, Losing Access to $13 Million in BTC


On Tuesday, November 26, 2019, Reddit user with an account, “u/lumanubrecon”, claims to have failed to properly note down their wallet passphrase. As a result, they can no longer access their wallet, which is said to house 1,800 BTC (valued at roughly $13 million) reports Coin Telegraph.

It seems like the user has stored all of their coins in a wallet called, “brain wallet” – one where users are required to remember their phrase but not write them down– back in 2016. While attempting to get back into their account, the passphrase simply would not allow them to.

Here’s what the user has since shared, as per the news outlet:

“Beside[s] memorising the pass phrase, I also wrote it down in a book. Then now when I keyed in the pass phrase, it doesn’t generate the address where I’ve sent 1800 btc to.”

Bearing all this in mind, it seems like no one is buying the story. The moderator at r/Bitcoin, BashCo was referenced stating:

“Beside[s] memorising the pass phrase, I also wrote it down in a book. Then now when I keyed in the pass phrase, it doesn’t generate the address where I’ve sent 1800 btc to.”

As per Bitinfocharts, only two wallets with 1,800 BTCs existed in 2016, where one supposedly saw multiple incoming transactions and the other witnessed nearly 55% of the funds leaving the account in 2017.

Whether the story is true or formulated remains a question on its own, but on the whole, the nature of this story should be focused on. Traders should be cautious of their private keys and passphrases, as losing either can easily leave one with losing all their funds forever.

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