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Stephen Thomas loses $ 220 million worth of Bitcoin passwords and becomes “peaceful with loss”

Stephen Thomas, a man who forgot the password needed to unlock the $ 220 million Bitcoin, said he had “reconciled” in an unfortunate situation.

He said “time heals all wounds,” and in the first few weeks he was “desperate” and questioned “self-esteem” after the loss.

“It was, in fact, a really big milestone in my life. For example, I understood how to define future self-esteem. It wasn’t how much money I had in my bank account.” Said.

Despite Thomas’ Bitcoin wealth, he has forgotten his password and attempts to unlock cryptographic devices have already failed eight times.

For beginners, Thomas was an early investor in Bitcoin when the value of Bitcoin was simply a single digit or at most double digits. He owns 7,002 Bitcoins to date and is today worth a huge amount of US $ 245 million (equivalent to 1800 rupees). Thomas stored all Bitcoin keys in an encryption device called IronKey to keep them secure.

IronKey can only try 10 times to unlock with the correct password. If the device owner does not enter the correct password in these attempts, the device will permanently encrypt itself and never have the opportunity to access it again.

The Stefan Thomas case, first reported by the New York Times, addresses one of the major issues with cryptocurrencies. It is a unique identifier for cryptocurrencies like Bitcoin and is based on an encryption key that can only be used by its owner. There is no central body with a power supply or master key to access it. If someone forgets their crypto wallet password, the company or helpline cannot help them access it again.

Stephan said that during times of distress, some people contacted him to provide advice, and some even suggested trying the word “password.”

“Some people have recommended various media, psychics, and prophets that I can speak to. Some people are proposing intelligent memory-enhancing drugs,” he said. ..

Thomas hasn’t remembered his password since 2012.

Stephen Thomas loses $ 220 million worth of Bitcoin passwords and becomes “peaceful with loss”

Source link Stephen Thomas loses $ 220 million worth of Bitcoin passwords and becomes “peaceful with loss”

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