A Taiwanese Netizen’s Bounty Post on Threads
A Taiwanese netizen posted a bounty message on Threads yesterday (13th), recounting the shocking realization that five years ago, they had transferred 1.5 bitcoins into an international wallet (Huobi). Now, with the skyrocketing price of bitcoin, their wealth is locked in an inaccessible safe due to the loss of the private key.
(Background: Influencer MrBeast was terrified and cried when his bitcoin private key was stolen: Luckily, the thief was too foolish to secure all the BTC.)
(Context: This girl is challenging herself to live on “only bitcoin for 21 days” on Women’s Island in Mexico.)
Details of the Bounty
The netizen, known as “weiwei.179” on Threads, shared that they accidentally discovered their bitcoin purchase record from 2020 while checking the locked earnings on the MAX platform. Back then, the price of one bitcoin was under 300,000 New Taiwan Dollars, and the netizen had casually invested. Now, with the value multiplying tenfold, they are unable to access the 1.5 bitcoins because the handwritten note containing the key has gone missing. In desperation, they left a question:
“If I can’t find that piece of paper, is there any way to decrypt it?”
The Unforgiving Reality of Private Keys
Upon scouring the comments section, the overwhelming response was negative. Many users stated that if the private key is lost, there is no solution. Some even commented after seeing the netizen’s plea: “Thank you for providing a deflationary aspect; there are now 1.5 bitcoins less in circulation…”
It is known that bitcoin private keys are encrypted using elliptic curve cryptography, with combinations reaching 2 to the power of 256. Brute-forcing this is akin to precisely picking a specific grain of sand in a desert; currently, no computer can accomplish this task.
Additionally, many beginners often confuse wallet passwords with private keys. Wallet passwords are merely used to unlock the software interface and can be attempted to restore if forgotten. In contrast, private keys directly relate to the control of funds on the blockchain; once lost, it is like a bank destroying its stamp and ID, leaving no avenue for replacement.
Professional Recovery Services
It is also worth noting that cryptocurrency recovery firms available on the market, such as Covasecure or Puran Crypto Recovery, primarily focus on cases of “forgotten passwords” or “missing a few words from the seed phrase.” Such situations can narrow down the search scope, with a success rate of up to ninety percent. However, for individuals who have completely lost their private keys, these services usually have to decline assistance, as forcing a recovery would compromise the security of the blockchain.
Consequently, some criminals target anxious investors, claiming they can “reproduce private keys,” often first collecting a high deposit and then delaying the process. Experts warn that legitimate companies typically operate on a success-fee basis and will first check the on-chain address and possible backup traces before charging any fees.
Proper Storage is the Only Answer
This incident reiterates the cruel truth in the Web3 world: “Not your keys, not your coins.” Cryptocurrencies have no customer service centers or lost item reports. The only effective defense is to back up and securely store information in advance. Various security recommendations suggest that investors should write their 12 to 24 seed words on two separate fireproof papers and store them in different safes. Additionally, preparing a hardware wallet, setting up a PIN and two-factor authentication, and checking once a year are essential steps to ensure peace of mind.
Returning to the Taiwanese netizen, perhaps all they can do at this stage is search high and low for that piece of paper from back then or recall if they had taken a reminder photo. While the chances of recovery are slim, the sooner they act, the less likely the clues will vanish.
If they have merely forgotten their wallet password, there is still a chance to consult an expert for recovery; however, if they remember the private key, it is indeed very difficult to retrieve. In the end, we hope this netizen can find the key to unlock those 1.5 bitcoins.
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