A student has claimed to have accidentally discovered private keys HODLed from early 2011 that would unlock over $4 million in Bitcoin.
According to Reddit users were able to cash out about $4.2 million in Bitcoin (BTC) after finding the missing private keys to 127 BTC on December 22, when the price of the crypto asset was at $23,000. They then liquidated the coin amid the bulls.
“I’m spending the next week figuring out how to safely and securely liquidate large amounts of Bitcoin at the lowest possible price,” said the Redditor. “I ended up selling all 127 Bitcoins for $33,439.02 per coin minus 0.15% fees. The net is approximately $4.24 million. ”
They claim to have earned Bitcoin in 2011 or 2012 through “surveys, watching videos, and completing random tasks” to eventually use the coins to buy in-game currency for the online game DarkOrbit. private keys are reportedly never actually lost, just forgotten on older Dell computers because BitcoinHolderThankU didn’t end up buying the currency.
Unfortunately, they lost an additional $1 million in profit for not holding it for just a few more weeks. Since December, Bitcoin price has surpassed $41,000 to hit a new all-time high. BitcoinHolderThankU admits that they “will not sell all 127 Bitcoins” if the same situation happens again.
“I did HODL for 8-9 years which is more than most crypto users,” they say. “I would definitely do things differently if I was given a second chance.”
Despite their sudden wealth, Redditors said they would avoid “expensive luxuries” and intend to put most of their funds into the S&P 500, adding:
“I don’t want to end up like one of those people who won the lottery and spent it all in a matter of months/years […] I will continue to live my life normally as on December 21 and every day before it. “
Unfortunately, not all stories involving forgetting private keys have happy endings. Because there are still more than $285 million in Bitcoins lost somewhere in a UK landfill after an IT worker accidentally dumped his personal laptop with private keys in 2013.