A user on the BitcoinTalk forum recently transformed a $500 Casascius Bitcoin bar from 2012 into a $10 million fortune. After holding onto the 100 BTC bar for over ten years, he finally decided to crack it open, only to lose $40K in Bitcoin Cash within minutes due to a leaked private key.
Let’s delve into the fascinating story behind this extraordinary piece of Bitcoin history.
100 BTC Bar Turns Into a Goldmine
Back in 2012, during the early days of Bitcoin when it was a relatively unknown concept primarily circulating among tech enthusiasts, JohnGalt acquired a Casascius gold bar loaded with 100 BTC. At that time, Bitcoin was valued at around $5, so he paid approximately $500 for it – an amount that seemed insignificant to most individuals back then.
However, for JohnGalt, possessing Bitcoin in physical form held a special significance.
Over the years, he confessed that he was tempted on numerous occasions to sell it. He even attempted to auction it several times but struggled to part ways with something so distinctive. The main obstacle? Not many people were willing to invest in a physical Bitcoin bar for millions when they could easily purchase Bitcoin directly.
$10 Million Bitcoin Bar
Fast forward to the present day, with Bitcoin soaring past $118,000, JohnGalt’s 100 BTC has now burgeoned into approximately $10 million. Feeling apprehensive about holding onto something worth eight figures, he ultimately made the decision to crack open the bar and retrieve his coins.
Thus, he made the bold choice to break open the bar, unveil the private key, and transfer those 100 BTC into his wallet.
This simple action transformed a collector’s item into pure Bitcoin, instantaneously valued at around $10 million.
Revealed Private Key Leads to a $40K Loss
However, there was a twist in the tale. Since Bitcoin and Bitcoin Cash utilize the same private key system, an observant individual noticed JohnGalt’s partially exposed private key in a photo he shared online.
Within a span of nine minutes, they managed to siphon off approximately $40,000 worth of Bitcoin Cash before JohnGalt could secure it himself.