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A bitcoin user has shared his story of how he lost more than $ 100,000 in BTC during a wallet transfer. The bitcoiner attempted to transfer a wallet to a new computer without ensuring that it could access the encryption passwords associated with its private key store.

Password manager did not store any passphrases required to access its private keys

According to the testimony published on Reddit, the crypto user known as “Onnar” claimed to have lost access to 2.6 BTC from transferring his wallet to a new computer purchased during the Christmas holidays.

He wiped the hard drive off his old computer, which he only wanted to use for work-related things. However, he did not check the password manager he used to store the passphrases needed to access the wallet’s private keys.

Onnar said he had already encrypted backups of his private keys on two USB drives stored in different locations. Then he inserted one of the USB drives into the computer to make sure everything was stored correctly, which he later realized was not enough.

Has a hardware wallet been able to prevent this error?

Although the crypto user admitted it would be a Ledger device more convenient than the way he handled his bitcoins, he didn’t believe at the time that his method was any less secure. Onnar continued:

Let’s start with BTC. To import the private key, all I have to do is decrypt the file from one of the two USB drives and, well… just import it… The terminal will now ask for… the password. No problem, I have all my passwords in my password manager, which I trust 100%. I go to my password manager to get it and … It’s not there. No mention of one BTC password can be found everywhere. I spend the next 30 minutes checking again and checking again but it’s not there.

The bitcoiner made a mea culpa of the incident, admitting that he did not realize that passwords were not automatically stored in the manager.

He concluded by taking full responsibility for missing bitcoins worth more than $ 100,000, according to the latest data from markets.Bitcoin.com. He concluded:

It’s 100% my fault anyway.

What is your opinion on this incident? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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