Loss of 260,000 Bitcoins: The Catastrophic Collapse of a $27.4 Billion Asset

Kevin Day, who bought $260,000 worth of $BTC at $0.01 per coin. Now, his investment portfolio will be worth $27.4 billion, but… He lost everything in one of the largest delistings in cryptocurrency history. This is the HORRIFYING story of a person who almost became a billionaire #Bitcoin🧵👇

➮ Before we delve into… I spend a lot of time and effort creating quality content, so make sure you follow @blogtienso to not miss anything. Also, please like, comment, and share if you enjoy this topic. ➮ Kevin Day is a unique person from Nebraska in the 1990s 🕷 He works as a video game developer in many popular games such as Mortal Kombat 4, NBA Showtime, etc. 🕷 He also started a business but later switched to web hosting 🕷 That’s when he started to care about $BTC. ➮ Kevin bought $BTC when the price was $7 🕷 This is the time when $BTC has gradually become popular, as the price has risen from $0.3 🕷 At first, he went crazy trying to mine BTC 🕷 Now is the most exciting part👇

➮ On June 19, 2011 - Kevin had the opportunity to change his life 🕷 At that time, $BTC dropped from $17 to $0.01 in about 20 minutes 🕷️ At a time when many people were afraid and leaving the market, he seized the opportunity. 🕷 He auctioned to buy $BTC worth $3,000 at a price of $0.0101 ➮ Kevin has bought 259.684 BTC with only 3,000 dollars 🕷 When $BTC returned to its price, it had a ~166,000% increase 🕷 At that time, his profit was $5 million, but today it would be $27.4 billion 🕷 But that’s where Kevin’s luck ran out… ➮ He kept all his $BTC on the exchange, but it turned out that wasn’t the wisest decision. 🕷 The exchange crash incident was caused by a exchange hack - a hacker stole money and then sold them to destroy the market. 🕷 Mt. Gox quickly announced that it will “cancel” transactions.

➮ A moment later, Mt. Gox reported that 25,000 BTC had been stolen 🕷 This exchange is currently blaming its own auditing firm for the failure. ➮ The recovery means that all transactions after the hack will be cancelled - including Kevin’s transactions. 🕷 Other buyers have placed valid orders - buying hundreds of $BTC without losing anything and seeing BTC balance as 0. 🕷 Users were deceived and collapsed at that time. ➮ Fortunately, or unfortunately, Kevin has withdrawn a small amount of money. 🕷 Among the 260,000 BTC he has bought, he has withdrawn 643 BTC - the largest amount allowed according to the exchange’s policy ➮ BTC users are seeking answers to why this is happening, and Kevin is one of the few who stepped forward. 🕷 He believes that his transactions are legal 🕷 He even participated in the first BTC TV show to defend himself. ➮ Clearly, Kevin is not responsible for the security issues of his exchange. 🕷 But Mt. Gox never refunded any individuals who were hacked, even though the recovery process created a dangerous precedent 🕷 And many people think that Kevin is a hacker of Mt. Gox, calling him a thief.

➮ Some people protect him and urge him to call a lawyer 🕷 Some claim that Kevin has stepped up, and some call him a “hero”. 🕷 Lawyers advise Kevin to sue Mt. Gox, but he doesn’t want to undermine the Bitcoin economy by prioritizing BTC over his own profit. ➮ The debates continue, discussing the next main idea: 🕷 Should exchanges be organized according to the same standards as Bitcoin? 🕷 Unfortunately, most do not provide users with any rights over their currency. ➮ Of course, Mt. Gox will do what is most beneficial for itself - deleting all transactions. 🕷 But Kevin lost 259.360 $BTC 🕷 So what is the valuable lesson here: Never leave all your money on one exchange