German-born programmer Stefan Thomas made headlines this week after a lost password made his $ 220 million bitcoin stash inaccessible.
As Insider previously reported, the secure hard drive that held 7,002 bitcoins was an IronKey device. It gives owners 10 ways to guess their password before encrypting the content. Thomas only had two tries to guess correctly before this situation occurred.
The New York Times first reported on Thomas’ plight, quoting him as saying, “I would just lie in bed and think about it: Then I would go to the computer with a new strategy and it would not work and I would to do.” desperate again. “
A possible loss of this magnitude makes “you question your own self-worth,” he added. As of Saturday, the warehouse was valued at roughly $ 220 million, but as Bitcoin prices rose that year, the value had climbed to over $ 240 million.
Read more: Bitcoin falls back below USD 35,000 in volatile trading week
After his story went viral, he gave KGO-TV another interview in which he told the broadcaster that “time heals all wounds” and that he has made peace with his possible loss.
He added, “It was actually a really big milestone in my life when I realized how I would define my self-esteem in the future. It wasn’t about how much money I had in my bank account.”
Thomas, a programmer who now lives in San Francisco, is one of several Bitcoin owners who have been locked out of their wallets. As a result, a large amount of bitcoins totaling $ 140 million could no longer be accessed.
In another case, a Welshman says he threw away a hard drive loaded with 7,500 Bitcoin in 2013. He offers his council $ 70 million to dig them up from the city’s dump.
Bitcoin recently surged back to over $ 40,000, despite European Central Bank chief Christine Lagarde calling for more regulation the day before. On Friday, it fell below $ 35,000 at the end of a week of volatile trading.