Bitcoin $59,001Although it was introduced in 2009, it took time for people to pay attention. At the time, Bitcoin was seen as a scam and a deception by many, but with the rapid growth of the cryptocurrency sector in the last fifteen years, it has come to constitute 0.1 percent of the world’s capital. As of today, Bitcoin’s market value is $1.15 trillion and its price is around $58,800.
$1.4 Billion Bitcoin Theft
During this growth period, many people quickly adopted Bitcoin, while others collected BTC from the very beginning. However, this journey was not always easy. There were many thefts and hacks, such as the Mt. Gox attack, and millions of dollars of cryptocurrency were lost in such incidents.
One of the most important of these was the loss of 25 thousand BTC worth 1.4 billion dollars by the anonymous cryptocurrency investor “ALLINVAIN”.
The Story of Cryptocurrency Miner ALLINVAIN
In the early days of Bitcoin, when there were no adequate regulations and exchanges, this investor with the nickname “ALLINVAIN” mined thousands of BTC. He was introduced to Bitcoin in 2010 and had 25 thousand BTC by 2011. He also established a cryptocurrency exchange called Bitcoin Express, allowing you to buy BTC with PayPal and selling over a thousand BTC for $5.
At its peak, it was producing 50 BTC per hour and 1,200 BTC per day. At this point, let’s point out that the price of Bitcoin was below $10 at that time. In 2011, the price rose to $30, which earned him a fortune of $500,000. Thus, he became one of the biggest crypto whales of the period. However, this did not last long, on June 13, 2011, he lost 25,000 BTC due to a Trojan horse virus.
This theft was one of the biggest cryptocurrency thefts of the period and had a wide impact. The incident revealed the need for security in the cryptocurrency sector and led to the development of reliable security software. In particular, the importance of secure cryptocurrency wallets and reliable cryptocurrency exchanges became more apparent.
Ongoing Security Issues in the Cryptocurrency World
The crypto industry has evolved significantly over the last fifteen years, with better regulations and security measures being implemented. Despite this, crypto theft is still a part of the industry and causes major problems. One of the most recent examples was the theft of $235 million in the hack of WazirX, India’s largest crypto exchange.
The story of “ALLINVAIN” once again shows how important security is in the cryptocurrency industry. The 25,000 BTC stolen at that time are worth $1.47 billion today and $1.84 billion on the day Bitcoin’s price peaked at $73,750. This incident reminds us how much cryptocurrency users need to pay attention to security measures to protect their assets.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
