Cryptocurrencies

Bitcoiner loses $ 100k on wallet transfer – Cryptocurrencies

bitcoin password loss

A news item that has become common in the cryptosphere, the loss of Bitcoin (BTC) held in wallets is still a subject of interest, especially with the current value of the cryptocurrency. This time, there is no question of hacking, but rather a computer error made by the owner of the assets. The latter shared his mishap on Reddit explaining how he had lost 2.6 Bitcoin attempting to transfer their wallet information to a new computer purchased during the vacation.

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A drive formatting with disastrous consequences

The man who identifies himself on Reddit under the pseudonym Onnar reported that he proceeded to format the drive of his old system without having bothered to perform an important check. This was from make sure that the password manager always contained the one needed to access the private keys. “I go to my password manager to retrieve it and… it’s not there.” There was no mention of a BTC access password anywhere. I spend the next 30 minutes rechecking and rechecking, but he’s not there, ”he posted to share his surprise at the time.

He continued his story by confessing that he was at 100% at fault, recognizing that he should have been more careful in his maneuver. Onnar then tried to explain what had happened believing that the password had been copied, but that it had not automatically saved. After his story, he soon realized that he was not the only member of the community. Reddit having experienced such a situation. Some interventions witnessed similar misadventures, but involved lesser amounts. During the debates, speakers took the opportunity to provide advice on safeguarding lashing out at the encryption of passwords in a computer file.

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Errors that become recurrent in the community

Already among the fierce opponents of Bitcoin, Peter Schiff had experienced a situation last year which further strengthened its positions. He had indeed lost all access to his cryptocurrency wallet after having confused pin code and password. More recently, it was a Chainlink user’s turn to accidentally perform a shipment of 50,000 USD in LINK to an Aavegotchi contract. Fortunately, he was able to count on the compassion of the community which came to his aid. He thus obtained a gift valued at $ 11,000 through an Aavegotchi donation page.

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Unfortunately for Onnar it is unlikely that the community will come together to cede any part, no matter how small, of their BTC holdings to him. Assets being eagerly sought after on the market with the key to a liquidity crisis, everyone protects their share of the treasure as best they can.

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