Man might lose bitcoins worth USD 240 million if he gets password wrong two more times

Technology is a double-edged sword. While it has the capacity to build fortunes, it is equally capable of obliterating one. Proving the latter is the case of a San Francisco programmer, who is is set to lose a monstrous amount of USD 240 million due to his deceitful memory. As per the New York Times, Stefan Thomas, who possessed bitcoins worth the aforementioned amount has forgotten his hard disk password and is all set to lose the amount if guessed it wrong two more times.

As per reports, Thomas has forgotten the password to the hard drive on which his 7002 bitcoins have been stored. He has already entered the wrong password eight times. As per the settings of the Iron Key hard drive that he uses, if he enters the password wrong two more times, then his data would be encrypted forever, making its retrieval a near-impossible task. The hard drive contains private keys to a digital wallet that holds 7,002 Bitcoin. Narrating his ordeal to New York Times, the computer programmers said that he would just lay in his bed and “think about it”.  Speaking further, he said that after thinking of a new strategy, he would go to the computer and it wouldn’t work, leaving him desperate again.

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Bitcoins

Launched in 2009, Bitcoin is the world's largest cryptocurrency by market cap.Bitcoin is created, distributed, traded, and stored with the use of a decentralised ledger system known as a blockchain, according to Investopedia. In 2020, the Supreme Court of India legitimised the usage of Bitcoins across the country. This has relieved cryptocurrency traders to some extent. The world of virtual currency is vast and ever-growing, and Bitcoin is amongst the supergiants of the industry. India is a vast country just as big as China, and this ruling has supported the world of digital money extensively. 

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