Many crypto Fans of crypto-currencies like Bitcoin appreciate, especially due to the decentralization and the freedom of all rules and regulations. That the Latter can be for users, but also to the disadvantage, shows a recent example of a German programmer in the United States.
Actually, Stefan, Thomas had everything done right, than he received in 2011, several Thousand Bitcoins from a Hodler, and not sold. Reports the New York Times according to, he is in possession of 7.002 Bitcoin to the value of approximately 242.380.000 US-Dollar (Stand: 13.01.2021). He saved the password to his Wallet on a hard drive called the IronKey and wrote it to the safety additionally, on a piece of paper. But it is precisely this note, it will not find now.
Without access to the Wallet the Bitcoins are worthless. Users of IronKey have a total of ten Attempts to enter the correct password until the hard drive is locked, and the Bitcoins are therefore lost forever. Thomas already tried eight Times his luck – without success.
I just lie in bed and think about it. Then I’m not going with a new strategy to the Computer, it works and I’m desperate.
Also, the manufacturer of the hard drive could search the programmer on his password-not help. Finally, Thomas decided to create the Computer with the lost Bitcoins out of his field of view, as he was reminded by the sight of her constantly at his faux pas.
Thomas loss is not an isolated case
Customers of the traditional banking sector to lose by Forgetting your password is not automatically your assets. It is different with users of a crypto-Wallet. Exactly this Problem warned Jan Bindig, CEO at data recovery specialist, data recovery, already in the year 2018:
Anyone who loses or forgets his password, automatically has lost all of his Bitcoins.
In spite of this warning, users seem to again and again commit the same error. So, too, is a Los Angeles-based entrepreneur. Also the forgot password and lost thousands of Bitcoins. To the newspaper Brad Yasar, he said that he had spent over the years, several hundred hours in order to get back in his Wallet.
According to Chainalysis had already gone one fifth of the existing 18.5 million Bitcoins lost in this manner. 3.7 million Bitcoin would have been resolved thus virtually into thin air.