Fun

Crypto User Loses Over $100K in Bitcoin While Transferring His Wallet

News Feed - 2021-01-09 07:01:53

Crypto User Loses Over $100K in Bitcoin While Transferring His Wallet


A bitcoin user has shared his story of how he lost more than $100,000 in BTC during a wallet transfer. The bitcoiner attempted to transfer a wallet to a new computer without making sure that he had access to the encryption passwords tied to his private key storage. Password Manager Didn’t Store Passphrases Needed to Access His Private Keys


According to the testimony published on Reddit, the crypto user known as “Onnar” claimed to have lost access to 2.6 BTC from the transfer of his wallet to a new computer acquired during the Christmas holidays.


He wiped the hard disk of his old computer, which he wanted to use only for work-related matters. However, he did not check the password manager he used to store the passphrases needed to access the wallet’s private keys.


Onnar detailed that he had already encrypted backups of his private keys on two USB drives stored in separate locations. He then plugged one of the USB drives into the computer to verify that everything was properly stored, which he later realized that it was not enough.


Could a Hardware Wallet Have Prevented This Error?


Although the crypto user admitted that a Ledger device would be more convenient than the way he was handling his bitcoins, he did not believe at the time that his method was less safe. Onnar continued: Let’s start with BTC. To import the private key, I just have to decrypt the file from one of the two USB drives and, well… just import it … The terminal now asks for … the password. No problem, I have all my passwords in my password manager, which I trust 100%. I go to my password manager to grab it and… It’s not there. No mention of a BTC password anywhere to be found. I spend the next 30 mins rechecking and rechecking, but it’s not there.


The bitcoiner made a mea culpa of the incident, admitting that he did not realize that passwords were not auto-saved in the manager.


He wrapped up by taking full responsibility for missing bitcoins worth over $100,000, according to the latest data by markets.Bitcoin.com. He concluded: It’s 100% my fault anyway.


What are your thoughts on this incident? Let us know in the comments section below. Hackers Are Using Three Fake Crypto-Related Apps to Drain Wallets SECURITY | 2 days ago The Reported Number of Stolen BTC Drops by 92% as "Bitcoin Security Appears to Be Improving" SECURITY | 4 days ago Tags in this story Bitcoin (BTC), Bitcoin Wallets, Cold Storage, cold wallet, Ledger, Reddit, Security


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Solana MACD Curling Up – Is This The Prelude To A Breakout?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Grayscale’s ETH ETF outflows could subside this week — Analyst
Tom Mitchelhill3 hours agoGrayscale’s ETH ETF outflows could subside this week — AnalystEther ETFs posted a net outflow of $98 million on July 29, marking the fourth consecutive day of bleeding — but analysts predi
Martin Young4 hours agoCardano DEX MuesliSwap to refund users after slippage confusionThe MuesliSwap team wants to refund users who have lost funds to high slippage due to the way the DEX’s matchmaker was set up.1531 T
Cardano Remains In Consolidation – Expert Projects 25% Price Move
Este artículo también está disponible en español. Cardano is trading above key demand levels after experiencing a volatile Friday. The market reacted sharply to the news
Goldbugs renew mocking Bitcoin as the yellow metal hits all-time high
Martin Young2 hours agoGoldbugs renew mocking Bitcoin as the yellow metal hits all-time highGold investors are taking swipes at Bitcoin following a new all-time high for the precious metal.928 Total views24 Total sharesL
‘Cast a vote, but don’t join a cult’ — Edward Snowden at Bitcoin 2024
Turner Wright2 hours ago‘Cast a vote, but don’t join a cult’ — Edward Snowden at Bitcoin 2024The former National Security Agency contractor did not name any particular US or international lawmakers but warned man
Bitcoin Consolidates Below Resistance — Can It Seal A Weekly Close Over $107,720?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
LPNT’s Strategy For Increasing LPN TOKEN’s Utilization, Circulation, Demand and Supply
LPNT’s Strategy For Increasing LPN TOKEN’s Utilization, Circulation, Demand and Supply PRESS RELEASE. Forex trading is the world’s largest decentralize
Huobi Global to Delist HUSD — Stablecoin Slips Below $1 Parity to $0.89
Huobi Global to Delist HUSD — Stablecoin Slips Below $1 Parity to $0.89 On Thursday, the cryptocurrency exchange Huobi Global announced that the trading platform plans to delist
Bitcoin Enthusiasm Peaks At $100K, Yet Expert Eyes A $95K Dip
Este artículo también está disponible en español. The consistent retail demand for Bitcoin at the $100,000 mark, which indicates high investor confidence, has recently dr
Dogwifhat open interest declines 28% amid fears of a $1.50 'likely retest'
Ciaran Lyons2 hours agoDogwifhat open interest declines 28% amid fears of a $1.50 "likely retest"Crypto traders claim that Dogwifhat will "likely retest" the critical support level as its price and open interes
North Korea Set Up a Blockchain Firm to Launder Crypto to Cash: UN
North Korea has been using a Hong Kong-based blockchain company to launder money, according to a quarterly report from the UN Security Council’s Sanctions Committee on North Korea.