The Tragic Story of Kevin Day: Losing $16 Billion in Bitcoin💔
Kevin Day, a 1990s tech enthusiast and video game developer from Nebraska, encountered the most significant crypto rollback in history. His story began with a love for web culture, which led him to Bitcoin when it was priced at $7, already surging from $0.30.
Kevin was an avid Bitcoin miner. On June 19, 2011, he saw an incredible opportunity when Bitcoin's price plummeted from $17 to $0.01 in just 20 minutes due to a flash crash. Seizing the moment, Kevin bought 259,684 BTC for under $3,000, at a price of $0.0101 each. This trade, had it been valid, would have yielded a 166,000% gain, turning his investment into $5 million.
However, his fortune was short-lived. The crash resulted from an exchange hack where a hacker stole and sold coins to crash the market. Mt. Gox, the exchange, announced a rollback of all trades after the hack, including Kevin’s.
Despite withdrawing 643 BTC, the most allowed by the exchange, before the rollback, Kevin lost 259,360 BTC. He believed his trade was legitimate and not his responsibility for the exchange’s security failures. Mt. Gox never refunded those hacked and erased all trades, leaving Kevin with a hard-earned lesson: never leave your coins on an exchange.
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