6 People Who Lost Millions in Bitcoin

Bitcoin may feel like it exploded overnight,
but for early backers of the cryptocurrency this wasn’t exactly so—especially for those
individuals who may have sold too early or even lost their stake completely. Let’s take a look at some of the poor souls
who lost millions in Bitcoin, either entirely by accident or out of impatience. Today’s video was done in collaboration with
Crypto Coin Consultants. Stay tuned to see more! Number 6. James Howells
Imagine the feeling of losing $150 million in a single day! That’s exactly what happened to IT worker
James Howells. The icing on the cake is that he knows exactly
where his 7,500 bitcoins are, but city council won’t allow him to search for them, since
it’s technically against the law to go scavenging through the local landfill. Howells began mining for bitcoin way before
it blew up in 2009, and by 2013, he stopped mining and the laptop he used was broken into
parts, then sold on eBay for some quick cash. He kept his laptop’s hard drive hoping to
one day make some money off of bitcoin. But while cleaning his home, he accidentally
put it into a waste basket at the local landfill in South Wales, where it was ultimately buried. This means that when Bitcoin was at its peak
of nearly $20,000, he basically threw away $150 million worth Bitcoin. The council won’t allow Howells to try to
retrieve his hard drive since it’s been four years, and they deem it too risky to attempt
to unearth it. In addition, it would be extremely costly,
and even if the drive was actually found, the risk of toxic waste surrounding it would
have been too great. Number 5. Darren McFadden
NFL star Darren McFadden lost out on a multi-million dollar Bitcoin fortune through a fraudulent
investment of his ex-business manager. McFadden retired from the NFL after 10 seasons
at just 30 years old and ended up suing Michael Vick; not the NFL quarterback (but rather,
his former business manager) for a sum of $15 million. He said his money was mishandled throughout
his career, and he even lost out on a $3 million bitcoin-related business venture due to Vick’s
irresponsibility. That $3 million would have been worth WELL
over $200 million at its peak in December of 2017. His money manager even used McFadden’s cash
to subsidize his own lifestyle and expenses, while also investing in his own future projects
without McFadden’s consent. McFadden said Vick was an “old family friend”
whom, he trusted from the get-go with his finances, but unfortunately, he was young
and naïve, and the man took advantage of him and robbed him of millions of dollars
throughout his career. Number 4. Campbell Simpson
Gizmodo Australia editor of technology Campbell Simpson said he unknowingly threw out a portable
hard drive seven years ago which today would have held $4.8 million worth of bitcoin. The writer says he ended up missing out on
incredible riches after his $25 worth of bitcoin ended up skyrocketing in price. Unfortunately, he tossed out the hard drive
too soon without considering how it could one day turn into something worthwhile. Simpson said he had no idea Bitcoin would
be worth so much, since it was difficult to find a place to use the cryptocurrency when
he purchased it. He used his hard drive to store pirated music
and movies as well as a portfolio for his tech articles. Upon moving homes, he ended up throwing throwing
the hard drive away. On the bright side, he’s shown a positive
attitude towards his mistake and took it as a learning lesson, saying he’s happy with
his life right now and that he won’t try to retrieve the lost Bitcoin. Number 3. The Anonymous Redditor’s Cautionary Tale
There’s a popular Reddit post circulating the internet that goes something like this:
an anonymous user had been margin trading for around a year and ended up turning 3 Bitcoin
into 200 Bitcoin, which would have been around $4 million dollars during its peak. He got greedy and so, instead of closing and
being happy with his 300 Bitcoin, he kept trying to increase the size of his holdings
until the entire thing was almost diminished, being worth only $12,000. He tried trading it back up, but kept losing
until his holdings were at zero. Number 2. Mt. Gox
Another big name in the cryptocurrency world is Mark Karpeles, who was the former head
of the world’s biggest bitcoin exchange. He almost made out with $859 million of his
customers’ funds, but Japanese police arrested him in connection with the loss of one million
bitcoins from the Mt. Gox exchange. That meant Mark Karpeles lost bitcoins that
would have been worth $387 million dollars at the time, and were considered the world’s
most valuable cryptocurrency. Japanese authorities managed to recover about
200,000 lost bitcoins and they were set aside to settle claims with former Mt. Gox customers. But bankruptcy court filings suggested the
25,000 Mt. Gox creditors who filed claims would have to receive the recovered bitcoins
in Yen and at the 2014 bitcoin price, which—as we all know—was definitely not the highest
value. Karpeles will basically make out with a large
majority of the recovered Bitcoin. One person by the name of Paul Wasensteiner
said claims are limited to a maximum of $480, meaning Karpeles will make even more money
from his robbery than initially thought. Many of his former employees disagree with
the way he was running Mt. Gox, saying he was a maverick of sorts, but also had the
ego of someone who wanted to prove themselves. Members of the bitcoin community were especially
critical of Karpeles. Some went as far as to call him a “disgrace,”
including Gavin Andresen, chief scientist of the Bitcoin Foundation. Karpeles and Andresen were on the board of
the Bitcoin Foundation together. But after the Mt. Gox scandal, Karpeles was
forced to resign. Number 1. Coincheck
Coincheck is one of the biggest cryptocurrency exchanges to date, but as we know much of
the cryptocurrency world is at risk for cyber security issues. Coincheck Inc. was one such cybersecurity
target. It was also one of the largest heists in history
in regards to digital tokens. It wasn’t Bitcoin that was stolen, but rather,
an obscure coin called NEM that was taken. This hack raises questions around the world
on how to protect and keep cryptocurrencies safe once they’ve been purchased. The Coincheck exchange had to halt sales and
currency withdrawals, and even ended up restricting dealings with most other cryptocurrencies. Coincheck President Koichiro Wada apologized
to customers, saying the company may have to seek financial assistance. This news was a large blow, considering the
fact that Coincheck had become one of Asia’s leading Bitcoin and cryptocurrency exchanges. What was discovered behind the Coincheck hack
was it was an inside job. The company said there was a potential security
lapse, allowing the thief to seize a large sum of customers’ assets that were stored
in what’s known as a hot wallet; a wallet whose coins are connected to external networks. Most exchanges keep their funds in cold wallets,
meaning they aren’t connected to the outside world & are less vulnerable to hacks and cyber
security threats. Coincheck also lacked multi-signature security,
which requires multiple sign-offs before funds can be moved. The value of funds stolen reached around $500
million in total.

37 thoughts on “6 People Who Lost Millions in Bitcoin”

  1. Thats so crazy!! You win some and then lose it all , that guy needs some bud ,let's medicate my friend, 🖖🖖

  2. Just him looking off the screen the whole time tells me he knows Jack ** about crypto, don't go through his course

  3. I lost some in the early days of mining and have developed a strong cognitive dissonance to convince myself it was less than 10. Always just used BTC never hodled so would have spent them anyway.

  4. Don't know what you talking about mate, the earlier bitcoin people paid $0.008 per bitcoin.was under a 1000 for years mate.

  5. He is just getting into crypto but he is going to teach us… His words not mine .. glad I watched now, made me laugh.

  6. Have you lost your hard earned money to;
    1.Binary option scam?
    2. Forex trading?
    3.Romance scam
    and any other kind of online investment?
    I have a good news for you.

    Contact; [email protected]
    I had doubts it was possible to recover the funds I lost to binary options. However,big thanks to wealth recovery now for helping me recover a huge sum back and still working on full recovery for me.
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  7. Have you lost your hard earned money to;
    1.Binary option scam?
    2. Forex trading?
    3.Romance scam
    and any other kind of online investment?
    I have a good news for you.
    I had doubts it was possible to recover the funds I lost to binary options. However,big thanks to wealth recovery now for helping me recover a huge sum back and still working on full recovery for me.
    Note that; I didn’t have to make any upfront payment for service and payment after recovery is voluntarily. They are nothing but the best. You should contact them!

  8. Back in 2013, I won a sweepstakes raffle from a Rewards app called Pocket Change. I chose a $100 Target Gift Card over the choice of a Nexus android tablet or 6 Bitcoins. This was the very first time I heard of Bitcoin. 1 Bitcoin was worth around $10 back then. Of course, not knowing what the hell what Bitcoin was or how it worked back then, I chose the $100 Target Gift Card. Funny how life works right? . Those 6 Bitcoins I didn't pick as my prize were worth over $100,000 back in December 2017.

  9. Your number 1 for bitcoin losses is an exchange hack with a different coin? Getting subscribers really is a magical journey that often defies logic.
    Also did you say your going to tell people about crypto ? noooooooooooooooooo , you are highly unqualified and that is being kind !

  10. Hello everyone this message is for people who have lost bitcoin or money to scammers there’s a way out now..He will get you a huge percentage of what you lost if not all….Get in touch with him Guardianofpeace247 at gmail com

  11. i am a cryptocurrency investor, i buy and sell mostly bitcoins, ether and litecoin. i would occasionally sell at a higher price to make profit, about 3 months ago, i lost 10 btc to a thief on paxful, i had sent the coins but my account wasn't credited with money, at first i thought this was a little delay, but after a week i wasn't having it funny anymore. i reported to the police but they weren't forthcoming with solutions, i was referred to mr Vincent through my bank, he came highly recommended and after a long conversation with him, we agreed on a fee for helping me recover the coins, in less than 8hours; i got an alert on my bitcoin wallet, my btc was back.

    i would recommend contacting bitcoinretrievalgenius gmail com

  12. I lost $2000 because of a faulty wallet. This wallet had my bitcoin cash and bitcoin as the same address which was a bitcoin cash address. My money has been stuck on the blockchain because of this. This video makes me feel a little better. Lesson learned don't trust these wallets.

  13. Nobody does Bitcoin hack better than Vlad Bogdan He helped me. you can also Write him on Whatsapp only +7 (903) 712-4262

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