Student Finds $4.24 Million in Forgotten Bitcoin Wallet

Reading Time: 2 minutes
  • An unwitting Bitcoin hodler has revealed he uncovered a forgotten stash of 127 three weeks ago
  • The lucky owner discovered the wallet by accident, having earned them almost a decade ago through rewards for watching videos and completing tasks online
  • He sold the haul in the past few days, taking home $4.24 million

The cryptocurrency world abounds with stories about individuals who have lost or discarded Bitcoin now worth millions, but every now and again the opposite emerges – someone finds a stash of bitcoin they thought long lost. One such story appeared on Reddit this week as an individual by the username BitcoinHolderThankU revealed that they had recovered 127 they bought in 2011/12 and forgotten about, which they have just sold for $4.24 million.

Private Keys Found on Old Computer

BitcoinHolderThankU explained that he (we’re assuming ‘he’) obtained the bitcoin in order to buy an in-game currency for a game he was playing at the time called Dark Orbit. Being underage he wasn’t able to buy the in-game currency with dollars, but found a way to generate bitcoin through “surveys, watching videos, and completing random tasks online” which could be redeemed for it. He accumulated the bitcoin haul but, for reasons he can’t remember never got around to buying the in-game currency – “holy fucking shit I’m so glad I didn’t”.

BitcoinHolderThankU says he was rooting through old files on a Dell computer at his grandfather’s house before Christmas when he came across a folder called ‘keys’. Realizing that they related to a Bitcoin wallet he found the wallet and unlocked it, revealing 127 that had been sitting there for nearly a decade.

Bitcoin Sold OTC

BitcoinHolderThankU spent the next week working out how to liquidate the holding as cheaply and effectively as possible, during which time Bitcoin rocketed another 80%, taking the valuation to $5 million. After speaking to various OTC desks he sold the haul for $4.24 million, equating to $33,439.02 per BTC, despite Bitcoin being worth over $40,000 at the time.

BitcoinHolderThankU said in a follow up post that he now regretted selling all 127 coins and would have “kept a handful to hold for years to come” if he had his time over. His experience is another advert for the HODL mentality, as the chances are he would not have held on for nearly a decade, especially after the 2017 bull run.

Showing that he has a good head on his shoulders, BitcoinHolderThankU says in the post that he will be investing most of the Bitcoin cash in a “safe, low-risk investment channel” before sorting the tax situation and deciding on his long-term plans for it. There will however be no ubiquitous Lambo:

I don’t want to end up like one of those people who win the lottery and blow it all in a matter of months/years. That being said, I’m going to continue living my life normally as I was on December 21st and every day before that. No expensive luxuries, no new house, no new car, nada.

Amen to that.