People Who Lost Millions of Dollars in Bitcoin

Bitcoin’s extraordinary price boom is making everyone hooked to the cryptocurrencies rage. There are ordinary people who made millions and there are few unlucky ones who were just there but lost all wealth due to bad luck or silly mistakes. We handpicked few interesting stories of losing million of dollars in Bitcoin that are worth reading.

1. US $20 Million Lost in a Cheap USB Stick

Back In 2009, when Bitcoin was just starting an Australian man mined thousands of Bitcoins on his personal computer as you could easily mine couple of coins a day even from your desktop computer. After accumulating thousands of coins he backed up his encrypted digital wallet key in a USB stick assuming it will protect his Bitcoins in case his computer crashes or someone hacks it.

Back in 2013 when Bitcoin price started rising, he remembered his forgotten wallet and plugged his USB drive to check for his accumulated wealth. To his utter surprise, his USB drive won’t open as it was a cheap Chinese made USB drive. As the reality finally hit him, it was too late and he was sure he can never recover his Bitcoins again. Unlucky guy lost thousands of coins to a cheap $5 USB drive, which would be easily around $20 million today.

Moral of the story never use a cheap USB stick to save your wallet key and make sure to make multiple backups in case one backup dies.

2. Worlds Most Expensive $100 Million Pizza

When Bitcoin mining was just a passion and time pass of geeks, people minted tons of coins in a matter of days. One such guy named Laszlo Hanyecz, a Florida based programmer minted thousands of coins and made the first ever Pizza purchase using 10,000 BTC. By todays BTC price those 2 pizzas are worth $200 million.
No surprise to commemorate the transaction May 22 is named Bitcoin Pizza Day and Pizza providers all over the world offer discounts to bitcoin users to commemorate Laszlo’s purchase.

3. Millions Buried Under Trash

A British man lost around 7500 bitcoins in his hard drive when he accidentally threw hard drive in trash while cleaning his home. The hard drive, which is worth millions of dollars is buried currently somewhere in Wales garbage land fill. As bitcoin is touching $20,000 that hard drive is worth around $150 million.

4. If Password Is Lost Wealth Is Lost

There are numerous stories over internet forums and reddit posts where people bought 100s of coins in the infancy days of Bitcoin only to realize they have no clue about wallet password. Don’t get surprised if even Elon Musk is also on that list.

In 2010 an Arizona State University professor bought around $70 worth of bitcoins for the purpose of demonstration to teach his class. This could have been in millions of worth now.

Another story is when a family lost fortune as the person who invested in bitcoin took his life and no one in his family knows the password/key to access the coins.

5. Nothing is 100% Safe

As they say no digital platform or digital currency is 100% safe, a person lost his $8000 worth of bitcoin when a hacker hacked his Gmail account and transferred all bitcoins in just 15 mins by changing password of his coinbase account. He regrets not using Gmail authenticator which made it easy for hacker to steal the password. $8000 is a small amount compared to millions but a hard earned lose hurts the same.

Bloqtimes recommended articles you should read:

Positive Things Famous People Said About Bitcoin
10 Must Known Facts About Bitcoin
How to Buy Your First Bitcoin Using Coinbase

Dear Readers if you know any interesting story which we might have missed, let us know in the comments section.

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Bryan is an avid news reader and a crypto investor. You will often find him busy researching about cryptocurrencies on a beach side.

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