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A bitcoiner has shared his story of how he lost access to his 7,002 bitcoins, worth about $ 240 million at the current price. He has lost the piece of paper he wrote his password on and now has two more guesses before his device is seized and encrypts its contents forever.

7,002 Bitcoins worth $ 240 million at stake

Stefan Thomas, a German-born programmer living in San Francisco, has not had access to his 7,002 bitcoins, which are worth nearly $ 240 million at the current price, according to the New York Times reported Tuesday.

He kept the private key for his bitcoins on a small, encrypted hard drive known as an Ironkey, and wrote the password on paper on the device. However, he said he had lost the piece of paper he wrote the password on years ago. The device gives users 10 guesses before it crashes and encrypts the content forever. He has used eight of the ten allotment gardens without success. He was quoted as saying:

I would just lie in bed and think about it. Then I’d go to the computer with a new strategy, and it wouldn’t work, and I’d be desperate again.

Thomas explained that he was attracted to bitcoin, in part because it was outside the control of a country or company. He was awarded the 7,002 bitcoins in 2011 while living in Switzerland by an early bitcoiner for creating the famous animated video entitled “What is Bitcoin?”

Not being able to access his bitcoins as their value rose, fell and rose again, Thomas has rethought the idea of ​​being his own bank and holding his own money, the publication said. ‘This whole idea of ​​being your own bank – let me put it this way,’ Do you make your own shoes? “The reason we have banks is that we don’t want to deal with all the things that banks do,” he said.

Nonetheless, the programmer said he now has access to enough bitcoin to make him richer than he knows what to do with it. Additionally, he joined cryptocurrency startup Ripple in 2012 and was rewarded XRP. Ripple is currently facing a lawsuit by the US Securities and Exchange Commission (SEC) XRP.

Thomas said he kept his Ironkey in a safe place in case cryptographers are able to crack complex passwords in the future. Stressing that he keeps the device far from him so as not to become obsessed with it, he concluded:

I got to a point where I said to myself, “Let it be in the past, just for your own sanity.”

Worried about losing passwords to access your bitcoin? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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