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A German programmer has 2 chances to guess the password to his hard drive correctly, or he'll lose $220 million (BTC)

Published by Business Insider on Tue, 12 Jan 2021

<p><img src="https://static2.businessinsider.com/image/5ffdd9e0c8408b0019bd41ab-2400/2019-12-19t105847z_1_lynxmpefbi11s_rtroptp_4_crypto-currencies-halving.jpg" border="0" alt="FILE PHOTO: An employee works on Bitcoin mining computer as a PC screen shows the fluctuations in Bitcoin exchange rates at Bitminer Factory in Florence, Italy, April 6, 2018. Picture taken April 6, 2018. REUTERS/Alessandro Bianchi/File Photo" data-mce-source="Reuters" data-mce-caption="FILE PHOTO: An employee works on Bitcoin mining computer as a PC screen shows the fluctuations in Bitcoin exchange rates at Bitminer Factory in Florence"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Bitcoin has recorded <a href="https://markets.businessinsider.com/currencies/news/crypto-mining-stocks-nosedive-bitcoin-unwinds-historic-highs-2021-1-1029956345">historic growth</a> after increasing 92% in a month and around 340% in a year, but one investor is locked out of accessing his riches because he forgot his password.</p><p>German-born programmer Stefan Thomas told the Times he forgot the password to <a href="https://www.ironkey.com/en-US/">IronKey</a>, an secure flash drive has access to 7,002 Bitcoin$220 million worth. IronKey gives users 10 guesses for their passwords before seizing its contents.</p><p>"I would just lay in bed and think about it," Thomas <a href="https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html'smid=tw-share">told the New York Times</a> Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."</p><p>As many investors get rich, some have had trouble accessing their Bitcoin investments due to forgotten passwords, according to the Times. The paper reported 20% of existing Bitcoin "appear to be in lost or otherwise stranded wallets."</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/amazon-cloud-exec-warns-employees-vigilant-after-parler-ban-2021-1'r=aa-sub">Leaked memo shows Amazon is warning employees to 'be vigilant' around their safety as far-right threats to blow up data centers emerged after banning Parler</a></em></p><p>Some high-profile investors remain wary of Bitcoin's surge. <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-crash-bubble-warning-dotcom-trade-crypto-mark-cuban-2021-1-1029958552">UBS analysts</a> said cryptocurrency volatility does not make it a "suitable alternative" to safe-haven assets. Billionaire "Bond King" Jeffrey Gundlach said bitcoin hit "bubble territory" once the price <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-bubble-commentary-analysis-jeff-gundlach-bond-king-cryptocurrency-2021-1-1029957043">passed $23,000</a>.</p><p>Even after <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-crash-bubble-warning-dotcom-trade-crypto-mark-cuban-2021-1-1029958552">sliding</a> as much as 21% over Sunday and Monday, the price of Bitcoin has recovered back to around $36,000 the next day.</p><p>"Shark Tank" star Mark Cuban compared the "cryptos trade" to the dot-com stock bubble of the 1990s.</p><p>"Watching the cryptos trade, it's EXACTLY like the internet stock bubble," Cuban said in a <a href="https://twitter.com/mcuban/status/1348663730712834056">tweet</a>. "EXACTLY. I think btc, eth , a few others will be analogous to those that were built during the dot-com era, survived the bubble bursting and thrived, like AMZN, EBay, and Priceline. Many won't."</p><div><blockquote class="twitter-tweet" data-lang="en" data-cards="" data-conversation=""><p lang="en" dir="ltr">Watching the cryptos trade, its EXACTLY like the internet stock bubble. EXACTLY. I think btc, eth , a few others will be analogous to those that were built during the dot-com era, survived the bubble bursting and thrived, like AMZN, EBay, and Priceline. Many wont</p> Mark Cuban (@mcuban) <a href="https://twitter.com/mims/statuses/1348663730712834056'ref_src=twsrc%5Etfw">January 11, 2021</a></blockquote><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div><p></p><p><strong>SEE ALSO:&nbsp;<a href="https://www.businessinsider.com/jpmorgan-citi-microsoft-facebook-pause-political-donations-capitol-siege-2021-1" >Google, Facebook, JPMorgan and Microsoft are pausing all political donations to both Republicans and Democrats after the Capitol siege</a></strong></p><p><a href="https://www.businessinsider.com/programmer-locked-out-220-million-in-bitcoin-forgotten-password-2021-1#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/what-if-jump-off-international-space-station-2018-6">What would happen if you jumped off the International Space Station</a></p>
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