Ex-Ripple CTO Cant Remember Password to Access $240M in Bitcoin

Thursday 14 January 2021, 3:06 AM AEST - 2 weeks ago

The former chief technology officer of a prominent blockchain company has forgotten the password to a fortune in bitcoin.

  • Almost a decade ago, Stefan Thomas the former CTO at blockchain company Ripple Labs was given 7,002 bitcoins worth $2-$6 each for making a cryptocurrency explainer video, reports the New York Times.
  • The bitcoin (BTC, -0.66%) has been stashed away in a digital wallet and Thomas has used eight of his most frequently used passwords in an attempt access his IronKey hard drive and his now multi-million-dollar fortune but has had no luck.
  • Two attempts now remain before the device auto-encrypts its contents leaving Thomas fortune in limbo. Just call it Schrödinger's bitcoin.
  • I would just lay in bed and think about it," Thomas told the New York Times. "Then I would go to the computer with some new strategy, and it wouldnt work, and I would be desperate again, added Thomas.
  • Bitcoin prices have climbed from $10,000 to $41,000 over the past three months. The price of bitcoin was at $34,290 at the time of publication, making Thomas' inaccessible stash worth an estimated $240 million.
  • It seems Thomas will have to HODL on for a little while longer until he finds a way to access the bitcoin.

Read full story on CoinDesk

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.