Bitcoiner loses nearly $100,000 in BTC due to a wallet transfer error

8. Januar 2021 Von admin Aus

The user tried to transfer a wallet to a new computer without confirming that the password for the private keys was accessible.

A Redditor issued a warning to „overconfident“ HODLers after losing their crypto wallet password for not acting with sufficient caution.

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A Bitcoiner with the user name „Onnar“ posted that he had lost access to 2.6 Bitcoin (BTC), approximately USD 96,400 at the time of this story, while trying to transfer a wallet to a new computer purchased during the December dates. The user claimed to have formatted the drive of his old system without double-checking whether the password manager still contained the necessary password to access the private keys.

„I go to my password manager to get it and … You can’t find any mention of a BTC password anywhere. I spent the next 30 minutes checking and rechecking, but it’s not there.

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Redditor admits that the error was 100% his fault because he did not confirm that the files could be decrypted before wiping the disk. Onnar theorizes that the password was copied into the password manager, but was not automatically saved.

„I spent the last week and a half checking all my remaining disk files and notes, the password is nowhere to be found.

Many Reddit users sympathized with Onnar’s plight and reacted with stories of their own mistakes in space. The redditor „notmattdamon1“ said that he had „lost a much smaller amount than that in a similar way“ and was angry with himself for weeks.

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Others stepped forward with tips to avoid similar accidents in the future. „The standard now is to use a hardware wallet and write the seed on a piece of paper on a metal plate,“ said bjman22. „The standard is not to encrypt the initial words in a computer file for very good reasons.

Unfortunately, errors are quite common. Last year, Bitcoin gold fan and critic Peter Schiff said he had lost access to his cryptosystems after confusing his wallet pin with his password.

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Just before Christmas, a Chainlink user accidentally sent USD 50,000 in LINK to a smart contract that did not support the token. However, he was able to recover 20% of his losses after the crypto community sent USD 11,000 through an Aavegotchi donation page.