A Lost Password Is Keeping This San Francisco Man From Accessing $220 Million Worth Of Bitcoin

A San Francisco programmer only has 2 attempts left to figure out the password to his digital wallet that contains $220 million worth of Bitcoin.

Trending: ‘The Scoop’ Co-Founders Permanently Banned From Facebook For “Violating Community Standards”

Stefan Thomas is locked out of his account that contains 7,002 Bitcoins, according to The New York Times.

The price of Bitcoin has skyrocketed in the last two months, reaching an all-time high price of $41,946 just last week.

POLL: Do You Think Joe Biden Is Going To Destroy America And Sell Us Out To China?

Completing this poll entitles you to TheScoop.us updates free of charge. You may opt out at anytime with a single click. Here's our Privacy Policy.

Bitcoin’s value has increased by 50% in one month.

Bitcoin owners use “digital wallets” to access their Bitcoins.  The decentralized nature of Bitcoin means there is no record of passwords of a company to help owners access their account if they forget their password.

Thomas said his digital wallet allows for 10 incorrect guesses before permanently locking the wallet.

So far, Thomas has guessed incorrectly 8 times.

“I hope others can learn from my mistakes,” the German-born programmer wrote on Twitter. “Test your backups regularly to make sure they are still working. An ounce of foresight could have prevented a decade of regret.”

Thomas isn’t the only one with stranded riches. Bitcoin blog Chainalysis estimates nearly 1 in 5 Bitcoins are permanently lost, which is valued at nearly $140 billion.

According to Fox 2, “Thomas was given the 7,002 tokens in 2011 while living in Switzerland. A Bitcoin fan gave it to him for making an animated video called ‘What is Bitcoin.’ He told the Times he was initially drawn to the currency because it was not controlled by a country or company, though he now recognizes the perils of being your own bank.”

“This whole idea of being your own bank — let me put it this way: Do you make your own shows?” he said. “The reason we have banks is that we don’t want to deal with all those things banks do.”

Can you imagine how awful this guy must be feeling?!

Let us know your reaction in the comment section below…

Steeve Strange

Steeve is the CEO & Co-Founder of The Scoop.

Share Your Thoughts

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please hover over that comment, click the ∨ icon, and mark it as spam. Thank you for partnering with us to maintain fruitful conversation.