The rapid rise of cryptocurrency prices recently has created many billionaires in this field, from founders to investors to buy cryptocurrencies and hold for long enough.
However, some characters are very unlucky in the cryptocurrency field, with a careless decision made they lose a great fortune.
Here are some such stories:
Dogecoin’s co-founder: Sold cryptocurrency only to buy a Honda Civic
From the beginning of the year until now, Dogecoin price has increased by more than 12,000%. With this increase, this crypto went from being just a joke to a capitalization of $ 86 billion.
Many people believe that, with such a rise in the price of Dogecoin, the father of this crypto must have become a billionaire.
However, Billy Markus – the co-founder of Dogecoin – recently revealed that he sold out of his Dogecoin in 2015 to afford a Honda Civic. But then, Markus did not even buy the car but used the $ 10,000 money from the sale of Dogecoin to pay the rent.
“I’ve always said was I sold everything for about as much as it would cost to buy a used Honda Civic. This was all my crypto too, I had Litecoin and Bitcoin and Doge and a bunch of other ones,” Markus said revealed.
Perhaps, Markus could not have imagined that Dogecoin – the crypto he and his friend Jackson Palmer created as a joke in 2012 – became one of the hottest cryptocurrencies in the world today.
Dogecoin is currently the 5th largest cryptocurrency by market cap, according to data on CoinMarketCap.com. Dogecoin’s market cap is even greater than the nearly $ 52 billion market cap of Japanese automaker Honda.
Laszlo Hanyecz: Used 10,000 Bitcoin to buy pizza
Laszlo Hanyecz is known to be the first to use Bitcoin in a commercial transaction. On May 22, 2010, when Bitcoin was just over a year old, Hanyecz used 10,000 Bitcoins to buy two pizzas.
Currently, at $ 56,000 per Bitcoin, 10,000 Bitcoins are worth $ 560 million. That is, each pizza that Hanyecz bought is worth $ 280 million!
This story is so famous in the virtual currency community that, on May 22, it was called “Bitcoin Pizza Day.”
“Bitcoin is a way to harness greed,” Hanyecz said in a recent interview from his home in Jacksonville, Florida.
James Howells: Threw 7,500 Bitcoin to garbage
James Howells – a 35-year-old IT engineer from Newport, Wales, UK – said he misplaced a hard drive containing 7,500 Bitcoin while moving house in 2013.
He says he has two laptop hard drives that look alike, and he misplaced the hard drive in the trash containing a secret encryption key to access and use Bitcoin numbers.
After many years, Howells still believes he can get this Bitcoin back. Although the outer part of the lost hard drive may have been damaged or rusted, Howells believes the internal optical disc may still be intact.
“There is a good chance the platter inside the drive is still intact,” he told CNBC. “Data recovery experts could then rebuild the drive or read the data directly from the platter.”
Calculated at current Bitcoin prices, the aforementioned virtual currency is worth more than $ 420 million.
Howells needed permission from the local council to conduct a search at the landfill where he believed the hard drive had been dumped. This landfill is a closed area, people are not allowed in, and breaking in is considered a crime.
Howells offered to fund 25% of the aforementioned Bitcoin to his hometown city’s Covid recovery fund if he found the hard drive again. He also promised to cover the full costs of the landfill search, with the backing of a hedge fund.
However, the local council has so far rejected Howells’s proposal, citing environmental and budget concerns. There is no sign yet that the authorities will accept it anytime soon.
Stefan Thomas: Forgot the e-wallet password contains more than 7,000 bitcoin
According to an article in the New York Times in January this year, Stefan Thomas, a German programmer living in San Francisco, USA, has only two password entries left to open a digital wallet containing 7,002 Bitcoin. These Bitcoins are worth more than $ 392 million at the moment.
Thomas has carefully secured his crypto by using a small hard drive called IronKey to hold a private key that can open up a digital wallet containing the crypto. He wrote the code to open the IronKey on a sheet of paper, but left the paper misplaced.
IronKey hard drive only allows entering passwords 10 times, if not entered correctly, this hard drive will permanently encrypt all content contained in it. Thomas tried eight times using the codes he used most often, but all were not IronKey’s.
“And I tried everything. I would stay up all night trying different ideas for how to recover it, or just, like, staring at the ceiling for hours. You know, just what you imagine you would do if you lost that sort of money,” said Thomas.
Of the approximately 18.5 million Bitcoin coins in existence today, about 20% are lost or trapped in e-wallets that cannot be opened, according to cryptocurrency data firm Chainalysis, for a variety of reasons including a loss of password.