He mined #Bitcoin when it was under $0.05 and held the keys to 25,000 $BTC. This is the tragic story of how ALLINVAIN lost $1.6 billion in one of the biggest robberies in crypto history.
1. In 2010, ALLINVAIN launched one of the first #Bitcoin exchanges, Bitcoin Express, allowing users to buy $BTC with PayPal. The exchange sold 1,000 BTC for $5, making the price $0.005 per BTC.
2. ALLINVAIN was also a dedicated #Bitcoin miner. Using only his laptop, he was generating a 50 BTC block every hour, totaling 1,200 BTC per day.
3. By 2011, mining difficulty skyrocketed. "It's as if everyone, their mother, father, cousin, and their dog started mining," he remarked. The hashrate surged to 4 TH/S from just 0.001% in 2010, an increase of 114,000%.
4. Then, on June 13, 2011, disaster struck. He saw a transaction of 25,000 $BTC moving out of his wallet. Just like that, all his #Bitcoin was gone.