via Forbes

How many times have you failed while trying to access your social media account or your bank account? And don’t get me started every time Gmail or Outlook has told me my password is incorrect. It’s so frustrating.

I know we all have been through that. The annoyance, the exasperation, the “oh, come on!” every time the network asks us for the third time to write our password correctly. It just gets worse when it warns us that our account might get blocked for our failed persistent login attempts. Sometimes cybersecurity can be a real pain in the… neck.

Don’t take me wrong, I agree with all the new data privacy regulations to protect our personal information from unauthorized access. But, sometimes it is too much. Take it from this guy who is about to lose 7,002 Bitcoins, currently worth about $240 million for getting his password wrong too many times… You don’t know what I’m talking about? Well, let me tell you all about the unfortunate case of Stefan Thomas.

 

Bit-what-coin?

via Sky News

We all know Bitcoins might be getting full attention today, but things weren’t like that a decade ago. Back in the day, people barely understood the BTC revolution. For people who started working with the Bitcoin action, they were paid in Bitcoins. A lot of them. This is mainly due to the fact that back then Bitcoins weren’t worth as much as they are today. This is what happened to the German programmer Stefan Thomas.

Stefan Thomas is a computer programmer, founder, and CEO of Coil, a company that monetizes content, to sum it up. Nowadays Stefan lives in San Francisco.

Ten years ago, Stefan received a payment of 7,002 BTC for a job he did making a video explaining how this cryptocurrency actually works. Back then a thousand Bitcoins weren’t a lot of money. We’re talking they were worth $2-$6 each. Disregarding this money put in a digital wallet, Stefan continued his life completely forgetting he had it.

 

The Plot Twist

via NDTV Gadget

But this scenario made a U-turn when Bitcoins started to gain value. Today each BTC is worth around $34,000. Just do the math. Stefan’s wallet is now valued at at least $240 million.

The real problem is that due to the time that has passed by, Stefan is in a real pickle for he has forgotten his password to access his Bitcoin wallet.

Due to his carefree assumption that Bitcoins wouldn’t be worthy, 10-years-ago-Stefan wrote his password on a paper for his IronKey account. And now, as you may imagine, Stefan can’t find this little piece of paper. It could be anywhere.

For those of you who don’t know, IronKey is a hard drive that securely stores files and other content. In this case: the Bitcoin wallet. The real issue is that IronKey has the regulation of 10 tries for the users to guess their password. This means that after the tenth failed attempt, IronKey will encrypt the content and it will be gone forever.

As of today, Stefan has had 8 failed tries. He has tried putting his most commonly used passwords, but unfortunately, they were all wrong, according to a report by The Guardian. Who knows what 10-years-ago-Stefan thought about, right?

 

Unlocking The Fortune

via El Español

In an interview with The New York Times, Stefan declared “I would just lay in bed and think about it. Then I would go to the computer with some new strategy…”

Apparently, Stefan is trying to lay back and relax for he knows two more guesses and things can get pretty ugly… Or it could work as a magic “Open Sesame” to unlock the cave of a million dollars treasure. Either way, the team of Amazing Things genuinely hope he does remember his password and is able to enjoy his fortune. For we’re pretty sure he deserves it. Good luck, Stefan!