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How I Lost Over $100,000 In Bitcoin During Wallet Transfer

BY DAYO ADESULU

A man simply identified as Mr Onnar, a bitcoin investor spoke about his carelessness while making a transaction that led to a lost of 2.6 Bitcoin that worth over $100,000.

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 explained that the loss came while attempting 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.

Sharing his experience published on Reddit, Onnar said he wiped the hard disk of his old computer, which he wanted to use only for work-related matters.

He added that before wiping the hard disk of his old computer, he did not check the password manager he used to store the passphrases needed to access the wallet’s private keys.

According to Onnar,  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.

While admitting 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. He, however, regretted his irreparable error.

READ ALSO: How Argentine, Spanish, Italian Nationals Defraud People $15m Via Bitcoin Ponzi Scheme

His words: ”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.”

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