Only two more attempts to get 200 million euros

A programmer in San Francisco forgot the password for his Bitcoin account. He has already used eight out of ten attempts.

He “only” needs the correct password to access the hard drive that contains the keys to his digital Bitcoin wallet – with 7002 Bitcoins … But that is exactly the problem for Stefan Thomas, who comes from Germany. According to a report in the “New York Times”, he only has two attempts to enter the forgotten password, which currently gives him access to almost 200 million euros.

The programmer received his bitcoins in 2011 as payment for a video using the digital currency, at that time they were still worth a few euros each.

Problem affects many Bitcoin owners

For years, Stefan Thomas ignored his account and lost the paper with the password for the hard drive. He has already entered the wrong password eight times, he says – on the tenth failure, the hard drive is encrypted forever.

The phenomenon affects many Bitcoin owners. According to an estimate by the company Chainalysis, around 20 percent of all bitcoins – well over 100 billion euros – are inaccessible due to lost passwords. In contrast to a conventional bank, third parties have no access here.

According to the New York Times, programmer Thomas now hopes that experts might one day find a way to crack complex passwords like his.

(what / red.)

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.