A German Programmer Lost Bitcoin Password And Lost Over Rs 1800 Crore.


As per a report in the New York Times, In 2011 someone gifts him 7002 bitcoin, which is now worth $245 million, or almost Rs 1,800 crore. However, his account is about to lose all his Bitcoins as he has exhausted eight of his ten attempts to get the correct password. Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a worth password.

The password will let him unlock a small hard drive, known as an IronKey. Which contains the private keys to a digital wallet that holds 7,002 Bitcoin. While the price of Bitcoin dropped sharply on Monday. It is still up more than 50 percent from just a month ago when it passed its previous all-time high of around $20,000.

The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail.

Source: New York Times

“I would just lay in bed and think about it,” Mr. Thomas said. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”

At last, he said, “time heals all wounds”.

But the cryptocurrency’s unusual nature has also meant that many people are locked out of their Bitcoin fortunes as a result of lost or forgotten keys. They have been forced to watch, helpless, as the price has risen and fallen sharply, unable to cash in on their digital wealth.


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