Is This The Biggest Bitcoin Theft? Crypto Trader Lost $1.4 Billion Worth BTC
Despite the introduction of Bitcoin in 2009, it took time for people to notice and any crypto trader to acknowledge it as something big. It was far more advanced technology than people had thought of. This is why it was called a scam, fraud, and much more, and some people still call it the same. However, over the last fifteen years, the crypto trading industry grew exponentially and made Bitcoin 0.1% of the world capital. It is now $1.15 trillion in market capitalization, where the BTC price has grown to 58.8K.
This growth came with thousands of people acknowledging it. Some stuck to it from the beginning, whereas most were new. However, this journey has not always been easy. Many crashes, downfalls, and even Bitcoin thefts caused troubles, including the Mt Gox hack. More importantly, there was one more incident in which a crypto trader lost $1.4 Billion worth of BTC, making it one of the biggest crypto thefts in history.
Crypto Trader ALLINVAIN Lost $1.4 Billion in Bitcoin Theft
Bitcoin was not always glorious, as there was a time when there were no regulations and no proper exchanges. At that time, only a few people had heard of it and were interacting with this technology. One of those people is ALLINVAIN, an anonymous crypto investor whose identity is still unknown. However, his presence in the crypto world is significant as he has mined thousands of BTC tokens. Nevertheless, after so many years, Bitcoin mining has turned difficult, with rarely any solo Bitcoin miner hitting jackpots. Thankfully, few are maintaining the industry demand.
As per the popular crypto trading influencer, Bitcoin Historian, this ALLINVAIN was introduced with Bitcoin in 2010, and by 2011, he had 25,000 BTC. Not only that he was a crypto investor, but he also founded a crypto exchange, Bitcoin Express. This exchange allowed to buy BTC with Paypal and sold over 1,000 BTC for $5, which is $0.005 per BTC.
He bought #Bitcoin when it was just $0.01
He mined over 1,000 $BTC per day
The true story of ALLINVAIN – who lost $1.4 BILLION in one of the biggest unsolved robberies in history pic.twitter.com/JI0HNklrWX
— The Bitcoin Historian (@pete_rizzo_) September 15, 2024
In his prime, he generated a 50 BTC block every hour or 1,200 BTC per day, but the Bitcoin price was barely $10 back then. However, in 2011, the price began to rise and grew to $30, which made this crypto trader $500,000 and one of the biggest crypto whales of the time. However, that did not last long, as on June 13, 2011, he lost 25,00 BTC in a Bitcoin theft. This same 25,00 BTC is worth $1.47 Billion at today’s Bitcoin price of $58,800.
Interestingly, the theft happened due to a trojan virus, disguised as Bitcoin mining software. It was the biggest crypto theft of that time, and the news traveled worldwide, making people realize the necessity of security in crypto trading. This was the beginning of the development of trustworthy security software. Most importantly, necessities like safe crypto wallets and reliable crypto exchanges.
Final Thoughts
In the last fifteen years, the crypto trading industry has grown exponentially and has implemented better regulations and safety measures. Despite that, crypto thefts are still part of the industry and are a big headache. The most recent case is the WazirX hack, where they stole $235 Million from India’s biggest crypto exchange. Regardless, the crypto trader ALLINVAIN’s story is among the biggest thefts in history, where those stolen 25,000 BTC would be worth $14.7 Billion today and $1.84 Billion on the day when Bitcoin price hit an all-time high of $73,750.
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