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Crypto fortune hinges on forgotten password

A Bitcoin portfolio worth approximately $280 million could be lost forever, as its owner struggles to remember his password.

Stefan Thomas, a developer based in San Francisco, remains unable to access his Bitcoin wallet. He said the incident is "a painful memory".

"I hope others can learn from my mistakes. Test your backups regularly to make sure they are still working. An ounce of foresight could have prevented a decade of regret," Thomas tweeted.

Thomas told the New York Times that he lost the paper where he wrote down the password for his IronKey, which would allow him to access the private keys to a digital wallet that holds 7002 bitcoins.

The IronKey allows users to have 10 password guesses before it encrypts its contents forever.

Thomas has already had eight guesses, and no luck so far.

"I got to a point where I said to myself, 'Let it be in the past, just for your own mental health'," Thomas told the New York Times.

On Twitter, he saw the funny side of his situation, saying that he loved the suggestion from someone who read the article that it be turned into a movie where he "reconnects with some long-lost love that he thinks is the basis for the password but is not - he loses the money but gains something more."

Read more: BitcoinIronKeyStefan Thomas
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