His exchange DELETED the transaction
THE TRAGIC STORY of Kevin Day, who lost $16 billion in the biggest crypto pullback in history 👀
Kevin Day is a 1990s tech geek from Nebraska who develops video games.
In his free time, he works on the internet.
When his startup closed during the Dot-Com crash, he continued to work hosting websites.
That's what attracted him to #Bitcoin– he loved the freedom of web culture.
He joined#Bitcoinwhen it was $7
BTC has skyrocketed – up from $0.30
He is frantically trying to mine BTC
Then, on June 19, 2011 – he got the opportunity of a LIFETIME
BTC DROPPED from $17 to $0.01 –– in just 20 minutes
While everyone else was confused, he took action.
He bids to buy $3,000 worth of #Bitcoin.
Price? 0.0101 USD
He bought 259,684 BTC for UNDER $3,000
When the price bounced back – that was a 166,000% increase
5 MILLION dollars he made
But his luck didn't last long
The flash crash was caused by an exchange hack – a hacker stole the funds, then sold them to crash the market.
Mt.Gox quickly announced it would "reverse" the transactions.
This is not a great time to keep your btc on an exchange.
A week earlier, Mt. Gox. reported 25,000 BTC stolen
The exchange is now blaming THEIR OWN AUDIT!
The rollback means all transactions following the hack will be canceled – including Kevin's
Other buyers who placed legitimate orders – purchasing hundreds of #Bitcoins for PENNIES… saw a balance of 0 BTC.
Now, before returning, Kevin withdrew a small amount of money
Of the $260,000 he bought, he withdrew 643 BTC – the largest amount allowed under the exchange's own policies
He believes his trade is legal.
In Kevin's mind, he is not responsible for the security of his exchange.
Mt.Gox never refunded any individuals who were hacked
Finally, Mt. Gox will do what is in its best interest – delete all transactions.
Kevin lost 259,360 #Bitcoins
But he learned a valuable lesson – never leave your money on the exchange
Disclaimer: Including third party views. This is not financial advice. May include sponsored content. See Terms & Conditions.
#Write2Win #BinanceTurns7 #BinanceTournament #binance #btc $BTC