Turkish Bitcoin Investor loses $170,000 in BTC due to lack of backup

A Turkish Bitcoin Investor by the name of Kerem Albayrak, lost his wallet information while trying to exchange a laptop computer at a store where he initially bought the computer to get a smaller one.

Kerem was in a hurry and he forgot to safely save his wallet information or even copy it out.

This is a good reminder for the crypto community to always ensure that your tokens are stored safely and always have a backup file in place.

Kerem told the story on Reddit, and this is what he said:

“My wallet was newly transferred onto a Blockchain wallet created on the iMac after I had an incident with an offline wallet and got scared. I used [an] auto generate password by Apple with no iCloud to backup the keychain. When creating [the password], I took a screenshot on the iMac of the recovery phrase which is also now gone”

The sad thing about Bitcoin or other cryptocurrencies for that matter is that once your password is lost, your funds are gone as well because, in order to be decentralized, most wallet companies will not store such information neither do they have access to the wallet.

Another thing to note is that funds sent to the wrong or non-existent address are also permanently lost and as of now there is no way of retrieving back the funds. That’s why it is also important that you double check the address that you are sending funds to.

A quick note: A 2017 estimation by Chainalysis suggests at least $30 billion worth of BTC may have been lost forever.

Our thoughts

This should be a good reminder to everyone in the crypto community to always have a backup of their tokens. At the end of the day, cryptocurrency is still money and still an owned asset, so we should all protect our assets as much as possible. In the near future, we will be posting a guide on how to protect your tokens. Subscribe to our newsletter to stay updated!

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Wilson is a 3x Startup Entrepreneur. He is passionate about the cryptocurrency space. You can catch him tweeting about cryptocurrency often @itswilson8 You can also email Wilson directly at wilson@cryptomenow.com

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