Today I heard that someone lost $50 million worth of stablecoins in an address poisoning attack. In the evening, I shared this gossip with friends outside the crypto circle, and they asked an interesting question: Where does this rank in human financial history?



Thinking carefully, if we only consider individual users' irrecoverable losses caused by a single mistake, this guy definitely ranks among the top. There have been reports that the victim sent a strongly worded letter to the hacker—not begging, but threatening to demand a refund—I've never seen such boldness. Whether they can get the funds back is another matter.

But looking further into history, similar tragedies are quite common.

**Last year's WBTC Hacker**

In 2024, a whale experienced a nearly identical address poisoning attack, accidentally sending 1155 WBTC (worth about $71 million at the time) to the hacker. However, this guy was lucky; with the help of security firms and on-chain detectives, the hacker eventually returned most of the funds.

**Japanese Trader’s Slip-up**

This happened back in 2005. A trader at Mizuho Securities intended to sell 1 share of J-Com at "610,000 yen," but accidentally typed "1 yen for 610,000 shares." The company directly lost $225 million. Although nominally this was an institutional loss, essentially it was a personal mistake.

**Permanently Lost Bitcoin**

Everyone's tired of the James Howells story—back in 2013, he accidentally threw away a hard drive containing the private keys to 8,000 bitcoins while tidying up his room, and he’s been battling the landfill ever since.

There’s also Stefan Thomas, a former Ripple CTO, who stored the private keys to 7,002 bitcoins on an encrypted hard drive and then lost the password note. As a result, those funds are permanently locked away.

Looking at these cases, wealthy people really can lose money in the most absurd ways. A slip of the hand, forgetfulness, or a small mistake—millions of dollars just vanish into the universe.
WBTC0.14%
BTC0.32%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 4
  • Repost
  • Share
Comment
0/400
OnchainGossipervip
· 9h ago
I need to see that guy's letter. Hard as it is, would a hacker really mess with you? Stefan Thomas's situation is even more extreme; he locked himself out, which is just ridiculous. A slip of the finger can lose 50 million. How hard do we need to work as retail investors to make that much? 50 million is not small, but compared to Mizuho's 225 million, it's just peanuts. But that guy with WBTC really got lucky; he managed to get it back, now that's real skill. The ultimate tragedy is permanently lost Bitcoin; you can't even wake up from it. I just want to know if anyone actually managed to recover what was lost in the end. It's all just money-losing ventures.
View OriginalReply0
ZKSherlockvip
· 9h ago
actually... the address poisoning attack is basically a failure of user-interface design masquerading as user error. these aren't mistakes—they're cryptographic primitives meeting inadequate information theoretic safeguards. nobody talks about the missing commitment schemes that could've prevented this.
Reply0
WagmiWarriorvip
· 9h ago
Threatening to demand a refund haha, this guy just arrived and is really unlucky, probably won't get anything back either. The hard drive guy is truly incredible, tens of millions just rotting in the trash, it's suffocating to think about. That guy who lost 225 million due to a slip-up, he's really done for. If this happened now, he'd be cyber-bullied into social anxiety. Rich people lose money in many ways, but we poor folks can't even lose that much no matter how hard we try. Stefan locked himself out permanently, even losing the password note, I really respect that. Actually, we still need to learn a lesson. After so many years, how are there still people hitting the雷? Oh my, a simple operational mistake can cost tens of millions. What I can't understand is why they didn't verify it more. Crypto world is way more outrageous than traditional finance, at least stocks can be canceled, but this just gets handed over. Humans really lose the most money in the stupidest ways, falling to the ground is hardly worth mentioning. That guy with WBTC is okay, he's coming back, unlike the hard drive guy who is permanently socially dead.
View OriginalReply0
governance_ghostvip
· 9h ago
50 million just gone like that. If I were the owner, I could directly get hospitalized from anger. --- Haha, Brother Yingqi's move is really brilliant. Hackers probably haven't seen being threatened like this. --- Compared to the guy who threw the hard drive, this one at least can still argue with hackers, already a win. --- Slipped up and lost 225 million, even more fierce than the Bitcoin era. Human fingers are truly powerful weapons. --- Locking over 7,000 Bitcoins permanently is just outrageous. He basically put himself in a lifetime cold wallet. --- That's why I say wealthy people’s ways of losing money are truly incredible. Ordinary people like us don't even have the chance to lose this much.
View OriginalReply0
  • Pin
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)