Man Who Forgot His BITCOIN Password Moves On After Losing $220M

Man Who Forgot His BITCOIN Password Moves On After Losing $220M

Man Who Forgot His BITCOIN Password Moves On After Losing $220M
Photo by: Carlos Amarillo/Shutterstock

A San Francisco man would have turned into a multimillionaire but due to a forgotten Bitcoin password, his fortune just remained in his fantasies. 

Stefan Thomas would have earned about $220 million dollars if he had only remembered his password. The German-born programmer lost the piece of paper that contained the combination for his fortune. 

Unlike traditional banks and online wallets like Wells Fargo and PayPal where people can reset lost passwords, Bitcoin erases data after 10 unsuccessful password attempts. 

Thomas tried to put in the correct password eight times but to no avail. All his 7,002 Bitcoins that are safely put inside a small hard drive called IronKey were put to waste. 

Man Who Forgot His BITCOIN Password Moves On After Losing $220M
Photo by: Nicholas Albrecht/The New York Times

Nine years later since the unfortunate incident, he has managed to move on and bury his frustration, he told ABC7 News.

“You sort of question your own self worth. What kind of person loses something this important?” Thomas recalls in an interview. 

Despite the volatility of the Bitcoin market, the cryptocurrency remains on a high streak after its value hiked to over 50% a month ago. It also surpassed its previous all-time high of around $20,000. 

With that lost amount, Thomas could have reached a pivotal milestone in his life. But because he did not achieve it, he became desperate. 

Thomas hopes his story would serve as an example to remind everyone of being mindful about their prized passwords and if possible, make a habit of writing them down in multiple avenues.