A BitcoinTalk user turned a rare Bitcoin bar into a $10 million fortune. However, actions to break it open led to an unexpected loss.
100 BTC Bar Becomes a Jackpot
Back in 2012, when Bitcoin was still in its infancy, a user named JohnGalt acquired a Casascius bar containing 100 BTC for $500. At that time, the price of Bitcoin was around $5, rendering the bar nearly worthless to most. However, for JohnGalt, it symbolized something special.
$10 Million BTC Bar
Since then, Bitcoin's price has skyrocketed to over $118,000. As a result, the 100 BTC within the bar is now valued at $10 million. After much contemplation, JohnGalt decided to crack open the bar and transfer his bitcoins to a wallet.
Exposed Private Key Costs Him $40K
However, the opening came with an unexpected twist. The private key, which is shared between Bitcoin and Bitcoin Cash, was partially exposed in a photo posted by JohnGalt. Consequently, an observant user took advantage of this and drained approximately $40,000 worth of Bitcoin Cash before JohnGalt could execute his transfer.
The story of the Casascius Bitcoin bar highlights the importance of securely storing cryptocurrencies and the risks associated with exposing private keys. This case serves as a significant lesson for crypto investors and collectors.
