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Lost Wealth: Bitcoin User Forgot Password for $ 240 Million Wallet!

Lost Wealth: Bitcoin User Forgot Password for $ 240 Million Wallet!

With the price of Bitcoin ( BTC ) rising recently, an unfortunate phenomenon has emerged: More and more people are realizing that their encrypted digital wallets with large amounts of cryptocurrencies have already lost their passwords.

One of them is Stefan Thomas, a programmer in San Francisco, who told The New York Times that he has stored 7,002 Bitcoins . Currently this amount is worth about $ 236 million – almost a quarter of a billion dollars. But he has no idea how to access them, he can only guess. There are 2 more guesses before the wallet is locked forever.

According to the news in Futurism, even if we leave aside the long-term expectations for crypto, the main thing to take from these scary stories is if you cannot manage your passwords; It is a big risk to take digital finance under your own control.

Bitcoin and crypto money initiatives

Buying or mining crypto; Then the problem of forgetting how to access funds is so common that there is even an industry revealed by cybersecurity experts who can actually help these people access their wealth after forgetting their passwords.

“Even sophisticated investors were completely incapable of managing their private keys in any way,” Diogo Monica, co-founder of crypto security startup Anchorage, told the NYT.

Big problem

For Thomas and others in the same situation, millions of dollars are out of reach, according to the NYT; It has ruined the idea of ​​decentralized currency like Bitcoin .

Thomas told NYT:

“THE IDEA OF ​​BEING YOUR OWN BANK – LET ME PUT IT LIKE ‘ARE YOU MAKING YOUR OWN SHOES?’ THE REASON BANKS EXIST IS THAT WE DON’T WANT TO DEAL WITH EVERYTHING BANKS DO. “

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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