Bitcoiner loses 7,002 Bitcoin password worth $ 240 million
One bitcoiner has shared his story of how he lost access to his 7,002 bitcoins, valued at around $ 240 million at the current price. You have lost the sheet of paper you wrote your password on and now have two guess or try options left before your device is seized and encrypts its contents forever.
7,002 Bitcoins worth $ 240 million at stake
Stefan Thomas, a German-born programmer living in San Francisco, has been unable to access his 7,002 bitcoins, which are worth nearly $ 240 million at today’s price, the New York Times reported Tuesday.
He stored the private key for his bitcoins on a small encrypted hard drive known as an Ironkey, and wrote the device’s password on paper. However, he said that he lost the paper where he wrote the password years ago. The device gives users 10 guesses or tries before seizing and encrypting their content forever. He has exhausted eight of the 10 assignments without success. He was quoted as saying:
“I would lie on the bed and think about it. Then I went to the computer with a new strategy, and it didn’t work, and I was desperate again. “
Thomas explained that he was drawn to bitcoin in part because it was outside the control of a country or company. An early bitcoiner, years ago gave you the 7,002 bitcoins in 2011 while living in Switzerland for making the famous animated video titled “What is Bitcoin?”.
Not being able to access his bitcoins while the value skyrocketed, fell, and skyrocketed again, caused Thomas to reconsider the idea of being his own bank and keeping his own money, according to the post. “This whole idea of being your own bank, let me put it this way, ‘do you make your own shoes?’ The reason we have banks is that we don’t want to deal with all those things that banks do, “he said in his opinion.
However, the programmer said that he now has access to enough bitcoins to get richer than he knows how to do. Additionally, he joined crypto startup Ripple in 2012 and was rewarded with XRP. Ripple is currently facing a lawsuit from the US Securities and Exchange Commission (SEC) over XRP.
Thomas said he has put his Ironkey in a safe place in case cryptographers can crack complex passwords in the future. By emphasizing that he keeps the device away from him to avoid obsessing over it, he concluded, saying the following:
“I got to a point where I said to myself,” Leave it in the past, just for your own sanity. “
The security of the secret keys of cryptocurrencies are becoming more important every day, blockchain-bitcoin technology is a technological revolution that helps to generate wealth, it depends on each investor the custody and security of their keys, in these times companies have emerged, Banks that offer custody of these values, in safe deposit boxes, when it comes to billions, it is not possible and it is very risky to leave the secret keys on “papers” or “sheets” around, it is one of the most uncertain large that any investor may suffer. New information is expected
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