One man lost $26 billion worth of bitcoins a decade ago. This amount of money would have made him the 69th richest person in the world today. This incident continues to cause consternation among Bitcoin users even today.
On June 19, 2011, a strange event occurred in the Bitcoin market. On that day, the price of Bitcoin fell sharply on Mount Gox, one of the largest Bitcoin exchanges in the world. At the beginning of the day, the price of one bitcoin was 17.50 dollars. But within 20 minutes the market price fell to one cent. Many people were surprised to see this price reduction. But Kevin Day wanted to seize the opportunity. He wants to buy a lot of bitcoins. As a result of the previous transaction, he had 3 thousand dollars in his crypto wallet. He spent all that money and bought bitcoins.
Kevin Day speculates that others will try to buy bitcoins at one cent. So he bid at $0.10 per bitcoin. As a result his offer prevailed in the exchange. He was able to buy 2 lakh 59 thousand 684 bitcoins through this strategy.
However, later Kevin found out that the site had suddenly dropped due to hacking. Hackers break into Bitcoin accounts and sell many users' Bitcoins, causing an oversupply of Bitcoins in the market and a rapid drop in prices.
Mount Gox decided that they will cancel all transactions caused by this hacking. Through this they tried to minimize the damage and restore the system. So the entire transaction of the day is forgotten and deleted.
Kevin Day tried to withdraw all the bitcoins in his account. But he could not withdraw the entire amount of bitcoins. In that case, he picked up 643 bitcoins, which is equivalent to about $66 million in today's market.
Because according to the 2024 Forbes Rich List, this amount of money would have made him the 69th richest person in the world today.
This will undoubtedly go down as an unfortunate and strange event in Bitcoin history.
