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

Former Ripple CTO Cannot Access His Bitcoin Wallet That Is Now Worth $231 Million

Former Ripple CTO Cannot Access His Bitcoin Wallet That Is Now Worth $231 Million

It's even worse when he realized that there's little chance of getting it back.

Mr Thomas, who was born in Germany but lives in San Francisco, was given 7,002 bitcoins as payment for making a video explaining how cryptocurrency works more than a decade ago.

At this time, each bitcoin was worth around $5 per coin.

Currently, about $140bn worth of Bitcoin is lost or left in wallets that can not be accessed, according to cryptocurrency-data company Chainanalysis. 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.

But with bitcoin prices surging, Thomas has made eight failed attempts to access the loot using his most commonly-used passwords and has lucked out every time, the New York Times reports.

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

Albert shows 17 new COVID-19 cases
Kenney says, at the current rate, the province will run out of the current vaccination shipment some time next week. The 38 deaths reported Tuesday surpassed the previous record of 31 recorded on Saturday.

"I would just lay in bed and think about it".

Alex Stamos, an internet security expert at Stanford Internet Observatory, said he believed he could crack the password within six months - in exchange for a 10 per cent cut of the digital fortune.

That's the plight of many a bitcoin owner, per the New York Times, which notes that of the 18.5 million pieces of cryptocurrency that are floating around, about one-fifth of them, worth $140 billion, are either lost or stagnating in locked-tight virtual wallets.

He stored the Bitcoin on an Ironkey digital wallet and wrote the password on a piece of paper which he has since lost. In fact, there are an estimated 18.5 million Bitcoin, totaling almost $140 billion, lost because the private keys went missing or the wallet owners died without passing the codes to someone else.

Losing passwords is the kind of nightmare that haunts cryptocurrency investors.

And in 2013, a Welsh man desperately searched a landfill site after throwing away a computer hard drive containing 7,500 bitcoins.

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