That’s exactly what one programmed named Stefan Thomas has to go through as he lost his password to a hard drive that contains $240 million worth of Bitcoin. The private keys are either lost forever or they are in a wallet that was never opened and, in fact, may belong to Satoshi Nakamoto himself.Forgetting a password can be a harrowing experience but imagine if you cannot access $240 million worth of Bitcoins because you forgot something. It is believed that 20% of Bitcoin that exists today is inaccessible. Luckily, it was only a fraction of the Bitcoin he owned and he recently bought a $ 25 million estate. Abed lost about 800 Bitcoins when a colleague reformatted a computer containing his private keys. Another such case is that of Gabriel Abed, an entrepreneur from Barbados. However, Stefan Thomas is not the only unlucky one. “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.” Unfortunately, he lost the piece of paper on which he wrote his password.įor a case like Thomas, it might seem stupid to be your own banker’s ideals. Thomas has used eight attempts (with his most common passwords) and only has two left. The special IronKey external drive is password protected and automatically locks out the user after ten attempts, encrypting the data held inside forever. Meanwhile, this IronKey wallet contains the private key of his Bitcoin wallet worth more than $ 220 million. Specifically, Thomas can no longer remember the password of his IronKey wallet.

Currently, he is extremely worried about his property. Thomas is a German programmer living in San Francisco.

Stefan Thomas, a former Ripple executive has lost over 7,000 Bitcoin because forgot the IronKey password He is one of the many people who are locked out of their Bitcoin fortunes, with an estimated $140 billion in lost or otherwise stranded digital wallets. Stefan Thomas has two guesses left to figure out a password that is worth about $220 million.

Ironkey wallet