December 1, 2023

An investor forgets the password for a $ 220 million Bitcoin digital wallet

If you thought you had a bad experience with a forgotten password, San Francisco-based programmer Stefan Thomas is two guesses away from losing $ 220 million USD in Bitcoin. to me New York timesThomas is just one of many early Bitcoin investors who forgot the security keys for their digital wallets as the cryptocurrency crossed the $ 33,000 mark.

During his childhood, Thomas was acquired about 7,000 coins by an early investor to make a video explaining the coin. When the cryptocurrency reached a startling new level, Thomas sought access to his digital wallet but after eight incorrect guesses, he realized that he had forgotten his password. It is also important to note that the specific wallet Thomas used to hold his Bitcoin features a system that wipes the wallet after 10 incorrect guesses. With only two more attempts, Thomas put his hard drive away while looking for another way to access his bitcoins.

Thanks to the decentralized and anonymous nature of Bitcoin, there is no real way to recover a forgotten password. Some reports indicate that nearly one in five Bitcoins is permanently lost as the total value of the lost Bitcoins is believed to be close to $ 140 billion USD.

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