RATE Group | User Claims Forgetting ‘Brain Wallet’ Worth $13M
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User Claims Forgetting ‘Brain Wallet’ Worth $13M

26 Nov User Claims Forgetting ‘Brain Wallet’ Worth $13M

Posted at 11:28h in Bitcoin News by

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A Bitcoin (BTC) investor has allegedly lost access to funds worth over $12.9 million after failing to record the passphrase for their wallet. 

In what may become the latest timely lesson for the wider Bitcoin user base, Reddit account u/lumanubrecon claimed that as of Nov. 26, their balance of 1,800 BTC was out of reach.

Brain wallet woes 

The user said the coins were originally stored in a so-called “brain wallet” in 2016. When attempting to recover the wallet using the passphrase generated at the time, however, the wallet does not unlock. 

A brain wallet is a form of Bitcoin wallet which normally involves no physical or digital record of its passphrase at all. Instead, users create a passphrase which is easy to recall but difficult to crack. An example is a simple sentence which swaps out standard letters for symbols that resemble those letters.

“Beside memorising the pass phrase I also wrote it down in a book. Then now when I keyed in the pass phrase it doesn’t generate…

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