Programmers have two speculations left to access the £ 175m Bitcoin wallet | Bitcoin

Stephen Thomas There are two more chances to get his $ 240 million (£ 175m) fortune.

Thomas is a San Francisco-based computer programmer who was rewarded with 7,002 Bitcoins 10 years ago for making a video explaining how cryptocurrencies work.

They were worth $ 2 to $ 6 each when he was paid. He hid them in his “digital wallet” and forgot them.

Currently, each Bitcoin is worth $ 34,000 and the contents of his wallet are worth $ 240 million. However, Thomas has forgotten the password to unleash his property.

German-born Thomas has already entered the wrong password eight times, and if he guesses he’s wrong two more times, the hard drive containing the Bitcoin private key will be encrypted and no money will be displayed.

A video created by Stephen Thomas in exchange for 7,002 Bitcoins. It is currently worth about $ 240 million.

Bitcoin prices reached more than $ 40,000 last week, doubling in less than a month. It has been depressed since then, but has risen by more than $ 5,000 to over 700% since the pandemic was first declared in March last year.

Thomas said he tried the eight most frequently used passwords to access the IronKey hard drive, but all turned out to be wrong. The device automatically encrypts all content after the 10th inaccurate guess.

“I would just lie down in bed and think about it,” Thomas told . “Then I went to the computer with some new strategies, and it didn’t work, and I was desperate again.”

Thomas said experience naturally kept him away from cryptocurrencies. “This overall idea of ​​being your own bank-I’ll say it this way, do you make your own shoes?” He said. “The reason we have a bank is that we don’t want to handle everything a bank does.”

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Following the promotion of Thomas’ plight, Alex Stamos, Internet security experts at the Stanford Internet Observatory said that if Thomas gave him a 10% reduction in digital property, he could crack his password within six months.

“Well, for $ 220 million with locked-up Bitcoin, instead of guessing the password 10 times, I gave it to an expert to buy 20 IronKeys and spent 6 months finding a side channel. Or remove the cap, “he said on Twitter. “I make it 10%. Call me.”

Cryptocurrency data company Chainalysis said it estimated that about 20% of existing 18.5 million Bitcoins would appear to be lost or left behind in inaccessible wallets.

In 2013, Wales IT worker James Howells accidentally scrapped a hard drive containing a 7,500 Bitcoin key. At that time, the lost Bitcoin was worth about £ 4 million. Now they will be worth more than $ 250 million.

Programmers have two speculations left to access the £ 175m Bitcoin wallet | Bitcoin

Source link Programmers have two speculations left to access the £ 175m Bitcoin wallet | Bitcoin

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