Reddit User Loses Access to 1,800 BTC — Almost $13 Million

November 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

A Reddit user says that he stored a 1,800 Bitcoins (BTC) in Brainwallet in 2016, but can not access it anymore. That would be the equivalent of almost $13 million lost.

The Reddit user “Lu Ma Nub Re Con” has declared that he stored 1,800 Bitcoin (BTC) in a Brainwallet but now the wallet is empty. Besides memorizing the passphrase he also wrote it down in a book but still can’t reach the right address. The coins would currently be worth about $12.7 million.

While some Reddit users were helpful, others quickly turned the story into a fake. In fact, many details point out: On the one hand, the Reddit account of the alleged liar had previously been virtually not used. So he had not interacted with other users and built trust.

He also claimed to have created his Brainwallet via “bitadrress.org”, although the correct website is called “www.bitaddress.org". The most serious is probably the indication that a corresponding address, which contains 1,800 BTC and has not been touched since 2016, does not exist.

Fake or not: Bitcoin fading out is a real phenomenon

A Reddit user explained Lu Ma Nub’s Re request to a “quality shit post.” It has been categorized as “Fake”. But whether or not this specific case is true, the fact remains that Bitcoiner is responsible for keeping their coins safe and once lost are irrevocably gone.

Perhaps the most well-known case of “stupid” concerns the British James Howells, who threw his hard drive on the garbage and did not consider that there was a wallet with 7,500 Bitcoins on it. As annoying as such a BTC loss for those affected must be, all other Bitcoiner benefits because the Bitcoin is even scarce and therefore more valuable.

Author: Marko Vidrih