A member of Ukraine’s national parliament admitted to losing 400 units of BTC after deleting his encrypted key to his wallet. While talking to a local news outlet, Davyd Arakhamia, who formally worked as a tech entrepreneur, admitted losing access to his cryptocurrency wallet which is now worth $25 million. During the early days of the currency, many people, including Arakhamia stacked BTC in their digital wallets, which are now worth millions.
How Arakhamia Lost $25 million Worth of Bitcoins?
In Wednesday’s interview, Arakhamia revealed that in the early days of the currency following the 2008 financial crisis, his company accepted payments in Bitcoin. Over the years, he had managed to amass a whopping 400 BTC. Yet, he lost the private encrypted key to his wallet, where the politician stored his Bitcoins.
When asked, how did it happen? Arakhamia stated that he wanted to clear up some space on his computer drive. Since then, the Ukrainian parliament-member has not been able to access his assets, eventually losing hope of ever getting them back. If price according to the latest price of BTC, these coins were worth around a staggering $25 million.
No Password, no BTC
Even though the hardware crypto wallets provide an additional security layer, losing the encrypted key can lock one out forever. Only recently, another key figure in the crypto business, Ripple’s ex-chief officer Stefan Thomas, revealed an identical incident.
In a recent interview, Thomas also acknowledged that he could not access his digital currency wallet containing tons of money. Fortunately, he still has two attempts left to access his wallet. In January, the coins were worth $231 million. But now, these are worth around $437.8 million as the BTC’s price has more than doubled since then.