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Classic Tales From The Crypt(o) World: Six Cryptocurrency Horror Stories to Devour

2020-11-01

Halloween looked a little different this year as people found new ways to celebrate the holiday. Whether you stayed home and put on a movie or carved pumpkins in your backyard, no Halloween weekend is complete without a dose of scares. Read on for six creepy cryptocurrency tales that will make you shiver. 

When 7,500 Bitcoin Vanished In The Night

When James started mining Bitcoin way back in 2009, one block would grant you 50 BTC. You didn’t need specialized mining rigs and access to cheap electricity—a laptop and an internet connection was all you needed. 

By mining on his personal laptop, James eventually amassed a collection of 7,500 Bitcoin. Today, that sum is worth over $100 million dollars. Then, tragedy struck in 2013 when he was cleaning his apartment. The harddrive containing the cache of Bitcoins was mistakenly thrown out, disappearing forever into the ether (or the local landfill). 

If you’re thinking about buying Bitcoin, keep your crypto SAFU with these tips from CZ

The Dreaded ~$2.6 Million Dollar Transaction Fee

Nobody likes transaction fees. Especially when they cost over 10,600 ETH. That’s precisely what happened earlier this year, when a single 0.55 ETH transaction incurred a record-breaking transaction fee. Whoever was on the receiving end of this transaction fee, please come forward. We have some condolences to award you. 

High transaction fees was one of the reasons why we launched BNB Smart Chain (BSC), a scalable, low-cost, EVM-compatible blockchain that allows users to build new decentralized apps and tokens. 

The Curse Of The Black Swan

In 2017, Ethereum briefly crashed to 10 cents in a matter of seconds, from a high of $319. The flash crash was caused by a “multi-million dollar sell order”, which kicked off 800 other stop loss orders, sending the price of Ethereum plummeting.  

Haunting Of The Flooded Bitcoin Mine

Of all the unfortunate things to happen in 2020, historic floods striking down mining facilities in China’s Sichuan province was not on our apocalypse bingo. 

With the Sichuan province containing more Bitcoin mining facilities than almost anywhere else in the world, the flooding drastically impacted the hashrate for Bitcoin miners, with some experiencing 20% losses in hashrate overnight. 

For those who are interested in mining Bitcoin, for a limited time only, you can get 0% pool fees for 3 months with Binance Pool

Don’t Blink: $1M in USDT Sent To A Contact Address and Lost Forever

Catastrophe struck for one unknown user when they sent over $1M USDT to a DeFi contact address, which is not meant to hold assets. As such, the funds were unable to be recovered. 

That’s an expensive mistake we don’t wish on anybody. If you’re interested in trying DeFi for the first time, and want an easy to use solution that takes minutes to set up, check out Binance Liquid Swap to earn yields on pooled stablecoins. 

A Chilling Tale: Up To $300M ETH Forever Frozen

When a critical bug fix for a digital wallet service left an inadvertent flaw in the system, one developer found himself the sole owner of every multisignature wallet. By trying to reverse the action, the developer inadvertently locked all the funds so that they were unretrievable. A heated online debate ensued, with many wondering whether Ethereum should do another hard fork to recover the funds.  

If these stories gave you a fright, fret not: check out these tips on how to secure your cryptocurrency. Binance wishes you a happy (and spooky) Halloween weekend!