Forget the password … a man threatens to lose 7002 Bitcoin, worth $ 220 million

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Bitcoin owners are getting rich as the price of the cryptocurrency rises dramatically, but what happens when you cannot take advantage of this wealth because you forget your digital wallet password?

Stefan Thomas, a German programmer living in San Francisco, USA, only had 2 out of 10 guesses to find a password equal to about 220 million dollars.

According to the New York Post, the password will allow him to unlock a small hard drive, known as IronKey, Which contains the private keys for a digital wallet containing 7002 bitcoins, while the price of bitcoin fell sharply last Monday, but it is still more than 50% higher than only last month, when it exceeded its highest level ever at about $ 20 thousand.

The problem is that Thomas lost the paper years ago on which he wrote the IronKey , Which gives users 10 guesses before it confiscates its contents and encrypts them forever, and since then, they have tried eight of the most popular password formats – to no avail.

“I was lying in bed and thinking about it,” Thomas said, “Then I go to the computer with some new strategies, and it didn’t work, and I would be desperate again.”

Bitcoin, which has been operating in an unusual and volatile manner for 8 months, has made many of its owners extremely rich in a short time, even as the Coronavirus epidemic has devastated the global economy.

But the nature of the cryptocurrency also means that many people are deprived of their bitcoin fortunes as a result of losing or forgetting passwords, and forced to watch, as the price rose and fell sharply, unable to reap their digital wealth.

Of the 18.5 million bitcoins, about 20% – currently worth $ 140 billion – are in lost or otherwise stuck wallets, according to the crypto data company. ChainalysisWallet Recovery Services, a company that helps find lost digital passwords, said it received 70 requests per day from people who wanted to help recover their fortunes, 3 times the number it got a month ago.

Many have owned the coins since the early days of Bitcoin a decade ago, when no one had confidence that the tokens would be of value.

Over the past years, Brad Yasar, a Los Angeles businessman who has a handful of desktop computers with thousands of bitcoins that he created or mined, said, “Over the years, I would say I’ve spent hundreds of hours trying to get back into these wallets. “.







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