Monday, 25 January, 2021

Two Wrong Guesses And This Programmer Loses USD 241M in Bitcoin

Programmer has two password guesses left before losing $266M in Bitcoin Man Has Two Guesses To Remember Forgotten Password For $220 Million Bitcoin Wallet
Ginger Lawrence | 14 January, 2021, 19:11

According to crypto-data firm Chainalysis, around 20 percent of bitcoin in circulation is estimated to be lost in inaccessible wallets-and of course, forgotten passwords are a big reason for that. However, he has been unable to access the funds after forgetting the password to his wallet.

Thomas was given 7,002 Bitcoins more than 10 years ago for making a video how cryptocurrency works.

Even after sliding as much as 20% over Sunday and Monday, the price of bitcoin recovered on Tuesday, rising to about $36,000.

There are those, like ex-Facebook security head Alex Stamos who have offered to help Thomas unlock the hard drive, but he is asking for a 10% cut.

A Bitcoin owner has just two guesses left to figure out the password to his wealth, which is worth around $220 million (£161m). After receiving the cryptocurrency payment in his digital wallet, he moved on with his life. He has made eight unsuccessful attempts to access the wallet, and now just has two more tries before he is locked out forever.

Perhaps unsurprisingly, the dilemma has put him off cryptocurrencies. The hard drive is password-protected, and allows users 10 attempts at entering a correct password before encrypting and seemingly cutting off possible access to the tokens.

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Gaume said private investors helped fund the experiments, but he declined to provide the project cost. Each bottle was carefully packed inside a steel cylinder to prevent any breakage.

"This whole idea of being your own bank - let me put it this way, do you make your own shoes?"

Mr. Thomas will not be the first person to lose his bitcoin, if he does, as other exceptional cases have been documented.

According to cryptocurrency-data company Chainanalysis, about $140 billion (Sh15 trillion) worth of bitcoin is lost as their users can not access it. Businesses helping to retrieve lost bitcoin reportedly get multiple requests daily.

And businesses helping retrieve digital currency receive multiple requests each day. Secured by a private key kept on an IronKey hard drive, for the longest time, Thomas went to bed with a certain peace of mind.

At the time worth more than £4m, this would now be valued at more than £250m.