Ethereum cryptocurrency. Image for representation via Canva.
While cryptocurrency enthusiasts praised the decentralised nature of these digital currencies, yet the imperfect methods used to secure the digital tokens have caused many a heartache.
Cryptocurrencies are one of the hottest topics as few popular ones have touched record highs recently. Among the host of options, the name of a crypto coin, Ether, otherwise known as Ethereum (ETH), has been making the rounds in the market. It is the second-largest cryptocurrency, right behind Bitcoin. While cryptocurrency enthusiasts praised the decentralised nature of these digital currencies, yet the imperfect methods used to secure the digital tokens have caused many a heartache.
Off late there has been a slew of stories of people who bought into cryptocurrencies early, only to lose access to the wallet where the digital money was stored. It would be unfortunate to misplace or lose access to such a crucial piece, one family is going through just that.
According to a WJLA report, a Washington DC-based family fear their USD 6 million worth in Ethereum cryptocurrency fortune could be lost forever after tragically losing everything in a house fire. However, their lost cryptocurrency assets story is very different from the others.
Yuki and Art Williams purchased 3,000 Ethereum coins during a pre-sale from the Ethereum Foundation way back in 2014. Their investment was worth around USD 932 then and now it amounts close to USD 6 million (approx. Rs 44,57,40,300) on the exchanges today.
While the shocking blaze destroyed their home, the family’s struggle to gain access to their multi-million fortune has left them desperate, even ensuing a lengthy fight to get access to a key data file for their Ethereum wallet. The couple claim a password was created but the very important JSON file which acts as an exclusive key to open a crypto wallet never completely downloaded online. The family also claim a password was created for the wallet, they also claim they contacted Ethereum for a backup JSON file via email but never received that either.
“The instructions were to leave your computer on for an hour and a half and as the progression bar showed it populating the JSON file would appear,” Art Williams said to the publication.
“Unfortunately for us, it did not appear,” he added.
Williams claim they can see 3,000 ETH in their wallet but cannot access it because they do not have the all-important JSON file. The Williams’ decided to take their fight public, they hired a lawyer in 2018 and tried to reach a compromise with the cyrptocurrency foundation.
Now, after years of battling to access the fortune, the family have now launched a fundraiser to cover the costs of their legal crusade. The Williams’ have now begged for help to raise USD 250,000 to take their legal fight to the International Chamber Of Commerce, the report further mentioned.