Lost Fortune: Kevin Day’s $16 Billion Bitcoin Nightmare
YEREVAN (CoinChapter.com) — The Mt. Gox tragedy shattered countless traders’ dreams, with tales of lost fortunes and ruined lives visible everywhere. Now, as Mt. Gox repayments restore some semblance of normalcy for many, Kevin Day finds little solace. The treasure he lost remains irreplaceable
Kevin Day, a 1990s geek from Nebraska, worked as a video game developer on hits like Mortal Kombat 4, NBA Showtime, and NFL Blitz. He even met Mark Hamill, known for his role as Luke Skywalker.
Kevin’s journey into the world of Bitcoin began after the Dot-Com Crash wiped out his startup.
He turned to hosting websites, and it was there that he discovered Bitcoin. Drawn by the freedom and potential of the internet, Day quickly immersed himself in the cryptocurrency community. By the time he joined, Bitcoin price had spiked 2,233% from $0.30 to $7.
Kevin Day’s $3,000 Bitcoin Windfall
Meanwhile, Kevin actively mined Bitcoin, aiming to capitalize on its rapid growth. Then, on June 19, 2011, Bitcoin’s price plummeted from $17 to $0.01 in just 20 minutes. While many panicked, he saw an opportunity.
He bid $3,000 to buy Bitcoin at $0.0101 per coin. In moments, he secured more than 259,680 BTC tokens for less than $3,000.
The Mt. Gox Hack: Kevin Day’s Lost Fortune
Kevin’s joy was short-lived. A hack on the Mt. Gox exchange caused the crash. A hacker stole coins and sold them, crashing the market. Subsequently, Mt. Gox quickly announced a rollback, nullifying all trades made during the flash crash. As a result, Kevin’s legitimate purchase was erased.
Despite the rollback, Day managed to withdraw 643 Bitcoins before Mt. Gox voided the trades. The remaining 259,360 Bitcoins were lost. Mt. Gox, dealing with its own issues, did not refund those affected by the hack. Kevin’s dream of Bitcoin riches vanished.
Day’s $3,000 investment, which briefly made him a multimillionaire, turned into a nightmare. Although Mt. Gox creditors are getting their lost funds back, Day’s misfortune would mean he would only get the token that the exchange did not roll back.
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