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Learn the story of a person losing $100 million in Bitcoin 10 years ago

Posted on November 6, 2022 by admin

Learn the story of a person losing $100 million in Bitcoin 10 years ago

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Answer Learn the story of a person losing $100 million in Bitcoin 10 years ago

Undoubtedly, this person, whenever the price of Bitcoin rises, bites his fingers more and more sadly and regrets what happened to him.

In this month 2010, a BitcoinTalk forum user with the pseudonym “Stone Man” reported that he had accidentally lost 8,999 Bitcoins due to a technical error.

Today, these lost cryptocurrencies would be worth over $105 million.

The Bitcoin system was less user-friendly in 2010.

Since there were no initial statements or any other means of regaining access to the wallet at the time, the bitcoin addresses were registered to a single wallet with the end of .dat.

Read:Airbnb Plans to Consider Cryptocurrency and Blockchain Technology

If you lose it because the drive is lost or broken, then all your money is lost.

How did this person lose his cryptocurrency?

This person, nicknamed “Stone Man,” explained how he lost his cryptocurrency, and explained that he bought 9,000 bitcoins from some digital exchange and transferred them to his bitcoin wallet.

After backing up the “wallet.dat” the user sent 1 of their bitcoins to their personal bitcoin address and turned off their computer, unknowingly losing 8,999 bitcoins by doing so.

Since Stone Man runs Linux from a CD rather than installed on a hard drive, all his data was lost once the computer was turned off, including the bitcoin wallet.

After recovering his wallet.dat file at a later time, he discovers that he now only has the only coin he sent earlier, while 8,999 bitcoins are now at an address he has no control over.

What Stone Man didn’t explain was that the Bitcoin system automatically generated new addresses after the transaction.

The Bitcoin blockchain simultaneously created a new address, added it to wallet.dat and transferred all “changes and updates” which in this case contained 8,999 Bitcoins to it, but after Stone Man shut down his computer, the updated file disappeared for good. Leaving the user an old “wallet.dat” with no records for the new address which now contains “Change and Update”.

Read:Study: The number of cryptocurrency users doubled in just 6 months

Many followers long for the lost bitcoins:

still bitcoin address The Stone Man that was used holds 8,999 unspent bitcoins for the day, which no one can access.

Read:Investor commits suicide after losing 2,000 bitcoins using leverage

Not only that, but the wallet has been receiving unexplained micro-transactions over the years, most recently on April 22 this year.

These transactions may act as “dust attacks,” a method that hackers use to identify likely holders of Bitcoin, by sending small amounts of Bitcoin called “dust” to different addresses through which the perpetrators hope to track those coins.

Read also:

Why will it take so long for Bitcoin to replace the dollar?

New scam is all about searching for lost private keys


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