Crypto User Recovers Lost Private Keys, Unlocking $4 Million in Bitcoin
A Crypto user claimed to have found the lost private keys from a crypto wallet of 2011, unlocking to over more than $4 million in Bitcoin. On Dec. 22, Reddit user u/BitcoinHolderThankU was able to cash out roughly $4.2 million in Bitcoin (BTC) after finding the lost keys to 127 BTC when the price of the digital currency was just $23,000. The user then resorted to liquidating the digital asset in the middle of December bull run.
Crypto User Recovers Lost Private Keys From Bitcoin Wallet of 2011
According to the user, the private keys were not actually missing, just stored on an older model of a Dell computer. The user seems to have now recovered his keys after holding the coins for 8-9 years.
Since finding out the access to over $4 million in BTC, the user spent the next week figuring out how to safely and securely liquidate such a large amount of Bitcoin for the cheapest price possible, saying:
“I went back and forth between different over-the-counter principal desks and ultimately ended up selling all 127 Bitcoins for a price of $33,439.02 per coin minus a 0.15% fee. The net was roughly $4.24 million.”
The Bitcoin were earned somewhere between 2011 or 2012 by doing surveys, watching videos, and completing random tasks.
New Found Profits Would Be Funded Into the S&P 500
Meanwhile, if the BTC were indeed cashed out in December 2020, it also suggests that the user missed out $1 million in additional profit if he had held them for just a few more weeks.
The cryptocurrency were converted into fiat somewhere when the price of BTC was around $23,000 in Dec, 2020. A few weeks later, Bitcoin exceeded to $41,000 to a new all-time high.
The user did admit that all the 127 Bitcoin would not have been cashed out, if he knew that Bitcoin was to continue its rally. Despite the sudden gain of profits, the user have mentioned on using his new found profit by funding into the S&P 500 while skipping out on luxuries.
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