Bitcoin Life Lesson: User Claims Forgetting ‘Brain Wallet’ Worth $13M
William Suberg's original article for cointelegraph.com reduced by 76%
A Bitcoin investor has allegedly lost access to funds worth over $12.9 million after failing to record the passphrase for their wallet. In what may become the latest timely lesson for the wider Bitcoin user base, Reddit account u/lumanubrecon claimed that as of Nov. 26, their balance of 1,800 BTC was out of reach.
The user said the coins were originally stored in a so-called "Brain wallet" in 2016. When attempting to recover the wallet using the passphrase generated at the time the wallet does not unlock. A brain wallet is a form of Bitcoin wallet which normally involves no physical or digital record of its passphrase at all.
A Reddit moderator subsequently marked the post as "Likely fake." BashCo, the moderator of the r/Bitcoin subreddit, took aim at brain wallets as a means of Bitcoin storage. "Why is it called a 'brain' wallet when anyone with an actual brain would never do something so stupid? The story is so dumb I assume it is not real," he tweeted.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.