Bitcoin millionaire forgets password to his fortune

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Updated September 21, 2022 | Published January 13, 2021

2 mins read

With the rise of cryptocurrencies, hacking attacks against big wallet owners are intensifying, but this does not preclude the personal responsibility we all have in keeping our money safe.

In the case of German-born Stefan Thomas, it wasn't a hacking attack that cost him $220m of Bitcoin.

Rather, Thomas didn't actually care much about Bitcoin, something he received as a gift back in 2011 for his “What is Bitcoin” walkthrough.

His personal interest over the years seems to have flagged because it led right to the point where he lost his password and couldn't retrieve it.

Understandably, as the price of Bitcoin soared so did Thomas' hopes of restoring access to his account. Thomas did have more cryptocurrency stashed away in other wallets and he has benefited from those greatly.

Yet, Thomas became a member of an infamous group of anecdotal crypto owners who have lost their passwords.

According to the New York Times, there are some 18.5m Bitcoin presently stashed away as foolish owners have not kept their passwords or have dismissed the idea of Bitcoin early in their ownership.

Thomas has had to succumb to the IronKey protocol that allows only 10 password attempts before you end up losing everything on your wallet, not because it's deleted, but rather because it gets encrypted and is irrecoverable unless you have the right password and have not used up all your attempts.

What solution did Thomas arrive at? Quite simple in fact – out of sight, out of mind. The cryptocurrency he has been gifted now lies secreted away on a hard drive and he is not very likely to recover it at all.

A good way for Thomas to kill some time and forget about his worries would be to join a great crypto casino such as Bitcasino, FortuneJack or BitStarz. All of these casinos are excellent and he needn't worry, there is a password retrieval option that works just fine!

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Alex

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

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