Even though it has only taken four years, early Bitcoin investors who placed their money in Mt. Gox may soon be able to recover a portion of their investment. The Japan exchange, which at one point processed 70 percent of all Bitcoin transactions, filed bankruptcy in 2014 when it was revealed that hackers had stolen 850,000 bitcoins from the exchange’s computers. That stolen wealth was valued at approximately $500 million at the time. It would be valued at roughly $5 billion at this time.
Even though Mt. Gox suffered the most significant Bitcoin loss and was the most widely felt, a slew of other people have also suffered eye-watering losses as cryptocurrencies have decreased in value. For more information, visit official Site.
$44 Billion Loos to Chris Larsen
One approach to making a lot of money with cryptocurrencies is to produce a coin that many other people are willing to trade with you. At one point in time, the coin was priced at $3.65, implying that Larsen began 2018 with a net worth of a little under $60 billion.
In addition, one way to lose a lot of money is to become so strongly identified with a cryptocurrency that selling it would only serve to drive it even farther down in value. Ripple’s value has dropped to 45 cents and is continuing to decline in value. Larsen is far from the indigent, as seen by the roughly $16 billion in Ripple that he still has in his control.
The Winklevoss Twins have suffered a $1.6 billion loss.
If Cameron and Tyler Winklevoss had taken their court-awarded money and spent it on a bit of island in the Caribbean, you would have assumed they would have retired to a life of sun and surf after their involvement in the founding of Facebook. But, unfortunately, the decision was made to move instead into the more turbulent waters of Bitcoin investment.
The pair are reported to have purchased 120,000 bitcoins, or one percent of the total number of bitcoins now in circulation. That was back in 2012 when Bitcoin was only $10 a unit. At the height of Bitcoin’s popularity, its assets were valued at $2.34 billion. They are now only worth $720 million, representing a loss of $1.62 billion. It’s unlikely that they’ll shed too many tears over their ill-gotten gains, given that they put in $1.2 million to get that result.
Dumping of $146 by the IT Worker
According to the BBC, a few billion dollars here and there might not bother the Winklevoss twins, but British IT workers probably needed the money a little more than they did. Along with his twin brothers, he got into cryptocurrency early, mining bitcoins between 2009 and 2013 to build his business. He parted with his laptop, which he had used to mine the coins, but he kept the hard drive if those keys turned out to be helpful in the future. After a spring cleaning later that year, he unintentionally threw away the hard drive, which was eventually discovered buried in a Welsh landfill.
At the height of Bitcoin’s popularity, the coins stored on that hard drive were worth more than $146 million. Given that the town dumps 50,000 tons of waste to the site every year, Howells has been denied permission to try and dig out the drive, citing environmental concerns. So there’s a massive pile of digital money hidden away in a dump somewhere in the United Kingdom.
A Journalist Loses Everything He Has Worked For
A cautionary tale of Bitcoin losses comes from Australian writer Derek Rose, who experienced a significant loss in cryptocurrency. When Rose retired in 2017, he cashed out his $70,000 retirement account and invested it in cryptocurrency. Cryptocurrencies were soaring in value, and Rose took out a loan to boost his portfolio of investments. He was paying interest of $1,000 per day, but he was generating a profit of half a million dollars each day on his investment. His assets had grown to a total value of $7 million at one point. When a buddy suggested that he sell his stock, he responded by saying that he wanted to purchase a sports team and a yacht instead. He proceeded to use leverage… and quickly found himself in a state of financial ruin.