BitcoinTalk User Turns $500 to $10M After Unlocking 2012 Bitcoin Bar

The post BitcoinTalk User Turns $500 to $10M After Unlocking 2012 Bitcoin Bar appeared first on Coinpedia Fintech News

A BitcoinTalk user just turned a $500 Casascius Bitcoin bar from 2012 into a $10 million fortune. After holding the 100 BTC bar for over a decade, he finally cracked it open, only to lose $40K in Bitcoin Cash within minutes due to a leaked private key.

Here’s what happened behind this rare piece of Bitcoin history.

100 BTC Bar Becomes a Jackpot

Back in 2012, when Bitcoin was still a niche idea traded mostly among tech enthusiasts, JohnGalt got his hands on a Casascius gold bar loaded with 100 BTC. At the time, Bitcoin’s price hovered around $5, so he paid about $500 for it worth almost nothing to most people back then.

But for JohnGalt, it felt special to hold Bitcoin in physical form.

Over the years, he admitted he was tempted many times to sell it. He even tried to auction it a few times but found it hard to part with something so unique. The problem? Not many people trusted buying a physical Bitcoin bar for millions when you could just buy Bitcoin directly.

$10 Million BTC Bar

Fast forward to now, Bitcoin has smashed through $118,000, turning JohnGalt’s 100 BTC into about $10 million. He explained that holding something worth eight figures felt too risky, so he finally decided to crack open the bar and claim his coins.

So, he made the tough call: break open the bar, reveal the private key, and move those 100 BTC into his wallet.

That simple action turned a collector’s item back into pure Bitcoin, instantly worth about $10 million.

Exposed Private Key Costs Him $40K

But there was a twist. Because Bitcoin and Bitcoin Cash share the same private key system, someone with sharp eyes spotted JohnGalt’s partially exposed private key in a photo he posted online.

Within nine minutes, they used it to drain about $40,000 worth of Bitcoin Cash before JohnGalt could claim it himself.

1.04K

The content on this page is provided by third parties. Unless otherwise stated, OKX TR is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX TR. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX TR is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.