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Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes

January 12, 2021 57 Comments

Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million. The New York Times reports:

The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoin. While the price of Bitcoin dropped sharply on Monday, it is still up more than 50 percent from just a month ago when it passed its previous all-time high around $20,000.

The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail.

“I would just lay in bed and think about it,” Mr. Thomas said. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”

Bitcoin, which has been on an extraordinary and volatile eight-month run, has made a lot of its holders very rich in a short period of time, even as the coronavirus pandemic has ravaged the world economy.

But the cryptocurrency’s unusual nature has also meant that there are many people who are locked out of their Bitcoin fortunes as a result of lost or forgotten keys. They have been forced to watch, helpless, as the price has risen and fallen dramatically, unable to cash in on their digital wealth.

Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis. Wallet Recovery Services, a business that helps find lost digital keys, said it has gotten 70 requests a day from people who want help recovering their riches, three times the number of a month ago.

Bitcoin owners who are locked out of their wallets speak of endless days and nights of frustration as they have tried to access their fortunes. Many have owned the coins since Bitcoin’s early days a decade ago, when no one had confidence that the tokens would be worth anything.

Related

Comments

  1. Into the FIRE says

    January 13, 2021 at 4:51 pm

    I loved reading this article because Mr. Into the FIRE is obsessed with crytocurrency and Bitcoin. He recommends investing in BTCE, and actually one of my sisters got me involved in Coinbase. If you can get a referral code for Coinbase, why not do it? (is my thinking). Because it’s just watching a few short videos and answering a few questions and you can get some cryptocurrency for free. 🙂 Thank you for sharing this article.

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    Are you a victim of someone stealing your bitcoins or other cryptocurrencies and don’t know how to get your coins back? Or maybe you lost money from a scam website where you were investing your hard earned money and now you don’t know how to get your money back despite reporting it to authorities.

  38. Cheryl Krage says

    August 31, 2022 at 2:46 am

    Finally! I found a legit c yber guru that works on all c redit related issues. I had a low c redit of 490 which wouldn’t let me qualify for anything, it was a struggle finding a real agent after having l ost money to rippers here.. luckily I met D e n n i s on Qoura and after 3weeks working with him my score right now is 780 and he is still working on my lingering d ebts which is why I decided to share this for anyone in need not to fall into wrong hands.. contact him on D E N N I S D F I X E R (at) G M AIL.C OM

  39. Keith McInnes says

    September 1, 2022 at 3:48 pm

    We all make mistakes, i was a big victim to an unregulated scam that would have successfully ruined me financially if i had not gotten intervention on reversalpro (.) com.

  40. victoria says

    October 7, 2022 at 7:40 pm

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  41. Carrie Rice says

    October 28, 2022 at 5:16 am

    I was asked to give my thoughts on GEARHEADPANACEA. COM because I was pleased with how my score improved and how much they taught me. To whom it may concern, all I can say is that they are good at their job and if you need any cyber related help you can visit their website or email gearheadcyberpanacea AT gmail. com

  42. gabriel says

    November 7, 2022 at 6:54 pm

    Hello,

    My name is Gabriel Amber,I am a chartered accountant and a father of three from Michigan. Some time ago I decided to invest in cryptocurrency. I invested exactly $50,000 for a start with a fake broker and was made to believe that my investment had grown from my initial deposit of $50,000 to $250,700. This felt so good as the investment grew rapidly in just a few weeks. When it was time to take my profit, my withdrawal request was denied. Later on after much vain efforts, i realized that I might never get my money back. I discovered that i had been a victim of cryptocurrency scam. All thanks to Craker cyberdude group for their active service in helping me recover almost all my lost funds. I solely recommend them to those who have also been victims of this currency scam just like myself.
    Email :craker@cyberdude.comWhatsApp: +1(908)533-1382

  43. Frances J Malcolm says

    November 20, 2022 at 10:56 am

    I was convinced to invest here by a friend I met on Tinder, Her name was Annie ( now I know she could be anyone else). At first everything was going on well until I requested for withdrawal, that’s when the nightmare started… I had to put in more money before I could withdraw. Then came the unending taxes; I was fined and taxed for various reasons. There was always a reason why I couldn’t take out my money. I was tired of everything and began looking for help. Since all the payments I made were through cryptocurrencies, my local police could not help me. Luckily I finally got help from the authorities I contacted via email kevinmitnickcyber @ GMAIL COM . Wonderfully, after providing my details, it took them barely a week to trace and retrieve my funds. Get help from them if you are in a similar

  44. OLIVIA EMMA says

    December 2, 2022 at 3:27 am

    Greetings to you all out there. I was scammed by a fake online crypto investor, I got a message from a trader on my Facebook who told me about how high their profit was after investing with them, I decided to invest in the online trade because I wanted to make more profit to set up a business because my job wasn’t enough to take care of myself and my family, invested $35,000.00 worth of bitcoin. I was promised that I will be able to withdraw my profit after one week of investment. when it was time for me to withdraw the profit. I tried to make a withdrawal and it failed. I informed the trader about it and he asked me to pay more money as the withdrawal charges. was a bit strange to me. I wasn’t informed earlier that I have to pay extra money to be able to withdraw my winning profit. I did as he instructed and made another deposit of $5,000.00, thinking I will be able to finally withdraw my profit. but he kept asking for more money until I realized that I was being scammed. I couldn’t let go because I invested all the money that I was saving to set up a new business. I was confused and lost for days because the world was against me. I had to do research to see if there is anything I can do to recover my money back and I came across the comment about MICHAEL CALCE WIZARD after so many searches. I read several good reviews about them from various scam victims and how MICHAEL CALCE WIZARD helped them in recovering their stolen crypto. I decided to contact them for help. I was opportune to get my money back from the scam brokers through the help of MICHAEL CALCE WIZARD, Are you a victim of any kind of scam? MICHAEL CALCE WIZARD is capable of helping you get back whatever you may have lost to internet Scammers. Reach them through email address at: michaelcalcewizard78@gmail.com or WhatsApp Number: +447375542502

  45. Robert says

    December 19, 2022 at 4:53 pm

    Why don’t you all sensitize victims of such happenings on how they can get help and lets all stop pretending like they cannot gain access to their wallet or recover their funds if they have been hacked or stolen by scammers. At this point, we all know that man scam vcitims as well as victims of hackers have gotten their funds recovered through the help of cyber-forensic experts like Finecroyaltech.com .Finecroyal was the first certified experts I heard of and I was able to get my $225,800 recovered through the help of their recovery unit. There are many more certified agents now but i always still recommend fineroyaltech.com(support@finecroyaltech.com)

  46. Meverick Richardson says

    December 20, 2022 at 12:02 pm

    I want to share my experience with all investors, who lost their cryptocurrencies because of scam or any other reason. The amount that was stolen from me recently was 4 million dollars and it took me 2 years to recover it back from him . In this life there are some events that you never forget. One of these moments was the time when he lost $4 million dollars in Bitcoin was stolen from me by scammers on my exodus wallet. I had come up with a clever idea to make money, but it all turned out to be a big scam and a big loss that I cannot recover no matter how many police reports I file. But then I got introduced to this company called Recoverysolutiontech @ gmail and they did not just help me recover my losses but helped me get my life back on track too. I know you would have never thought a thing like this could happen to you. But let me tell you my story, I was scammed out of $4 Million dollars due to the recent Cryptocurrency Craze and I thought it was all gone forever. However, I found Recoverysolutiontech @ gmail and let them help me get my money back from the scammers! The loss of private keys by mistake or attack, you might be wondering to recover your crypto-currency. Recover company is the only solution which can help you to get back all your currency without any problem. Crypto-currency recovery service is more secure than ordinary wallet services. So, what are you waiting for? Get in touch with recoverysolutiontech @gmail dot com , asap The forensic team at Spytechteam have recovered and found over 413million dollars in cryptocurrencies that were stolen from companies and from individuals including the $2.3 million dollars colonial pipeline recovery. They have recovered stolen bitcoins, Ethereum and other cryptocurrency from many individuals all over the world. They are committed to recovering your stolen funds no matter who stole them or how much they took. When it comes to recovering your money their team of specialists will take a deep look into gathering enough evidence to open a case with you by providing the wallet addresses involved together with the transaction hashes

  47. Ali Syed says

    December 25, 2022 at 3:19 pm

    From The UK Cryptocurrency Recovery, Lost BTC Recovery; What To Do When You Fall Victim To A Crypto Scam. Hello, My name is Syed Ali. I’m a Urologist in Birmingham, I do online trading, I was a scam victim, Ultimate Hacker Jerry recovered my Bitcoins amazingly.

    Did you also lose your cryptocurrency to fake online investments like I once did? or to the wrong wallet? Quickly get in touch with Ultimate Hacker Jerry if you want to recover your funds or get some legal counsel on how to go about it. I lost more than 7.18 BTC to an online investment scam. I was promised to get 25% of my investment every month, and I fell for it. That’s how I got scammed. Luckily, after a long search for how to recover it, I found a post from Wilder Newton’s Local News about Ultimate Hacker Jerry. Immediately, I contacted him at (Ultimatehackerjerry @ seznam. cz) and I trusted him enough because his reviews were from our local news site Wilder Newton. And within 4 hours of contacting him, I got all my funds back with an ROI. It was unbelievable. I must state, I had to send out my review also. He’s indeed recommendable. 
    You can also WhatsAp jerry at (+152 03-29 03-20)   Visit Wbsite https://ultimatehackerjerr.wixsite.com/ultimatehacker
    Ma Sha Allah

  48. Vanessa T says

    December 28, 2022 at 5:16 am

    In the past 16 month into crypto investment until I fell victim of online scam when I wanted to double my investment, i lost my bitcoin and then I thought all that I have invested so far was totally gone into the hands of fraudsters and scammers, luckily for me through my long time experience in investment I reached out to recoverysolutiontech at gee mayl dot come with proof and evidences of the transaction between my wallet and the swindler, at first I thought it wouldn’t be possible but recoverysolutiontech came to my rescue and in less than 48hrs after my contact with them I had a soothing relief and my coin was restored following all their professional advisory so if anyone has falling victim of this scam I’ll reference recoverysolutiontech for reliable and swift recovery…. You can start by sending an email and you can be rest assured of your wallet recovered

  49. Schneider Matteo says

    December 30, 2022 at 3:54 am

    In the coming year 2023 all need to be careful of swindlers and scammers who pretend to be Bitcoin investors, months ago I was a victim of this scam, having investing my life savings of $667000 in Bitcoin, on this day I was scammed of it by an instagram investor but all thanks to Solutiontech who helped me recover it in few hours I have to part with 10% of my investment but it’s worth it at the ends and now i have my life back…. For anyone who thinks this knfor is useful you can reach out to the solution technology Bitcoin recover firm on recoverysolutiontech at g mail dot come. And you’ll have a good customer services provinding proof and evidences. I hope this is useful to someone out there

  50. Garcia Martinez says

    January 4, 2023 at 5:31 am

    We all need to be cautious of fraudulent activities going on with fake crypto investors I’m writing this here because I just recovered my lost wallet through the help of SOLITION TECH a reliable firm with prestigious publicity, they are one of the most secure and reliable crypto recovery service that can help you, it was very beneficial for me when I lost access to my wallet in October 2022, the wallet had my investment of 655,000 USD in BTC, In my research for a solution, I read reviews on Investopedia solutiontech with easy RECOVERY policies and charges, this firm specializes in bitcoin wallet recovery tools, and high powered crypto mining. They made use of modern blockchain forensic tools to map the activity of scammers who ripped my wallet through a private link sent to my mobile contact sync to my email, I’m grateful and sharing this experience because they know different combinations of on-chain and off-chain analytics and techniques to fix your stolen crypto, for anyone who need to rectify or recover their wallet they can be reached on recoverysolutiontechatgmaildotcom. I hope someone finds this useful and helpful to recover your lost BTC. happy new year

  51. Gretel Lyons says

    January 6, 2023 at 6:44 am

    After falling victim to fraud twice trying to recover my stolen USDT, I gave up on the possibilities of ever being able to have it recovered until Gear Head Cyber Panacea was recommended on Quora and I was very grateful to have come across the article as they recovered 85% of my stolen USDT and so I decided to share this for anyone else that might be in need of their services..you can reach them on Gearheadcyberpanacea@gmail.com

  52. Danny Glover says

    January 10, 2023 at 7:26 am

    Hello Everyone, I wish to share with you how my savings were lost after investing with a fraudulent crypto trading broker. I finally found a genuine Crypto Recovery agent who I had previously seen many testimonies about him but I never thought I’ll have to need him for his services until I fell victim to a cryptocurrency investment scam that was introduced to me by someone I met online. I lost $10,000 in USDT, $9,000 in bitcoin and $20,000 in Eth totalling $39,000. I was left devastated and the first thing I thought of was report to the police but nothing was done. My last resort was to employ this specialist [SCEPTER007 @ WORKMAIL . COM ]. After much discussion on my situation and explaining of how he works, that for sure gave me hope that he could help me. I provided details and screenshots of the transactions I made to the scammers and using these he traced my funds. I was able to recover 80% of my losses and we are currently pursuing the rest. I am eternally grateful. I recommend him to any person who has fallen prey to any online trading scam.

  53. Jeffrey says

    January 13, 2023 at 6:07 pm

    I got conned by an online btc company enough times and they are always there to get you. The trauma, lack of trust in all the fraudulent sites made me give up..but I decided to give one final chance to cyber retrieve. They helped me recover my funds although not everything but recovered more than 60% of my stolen funds and I can truly attest they’re the best way to go. I am still in disbelief of their efficiency. Thank you so much Cyber Retrieve for all your help and patience with me. I urge everyone who wants to invest online, mostly Crypto investment to trade with caution and for those who have fallen victim I recommend you contact Cyber Retrieve.
    Cyberetrieve@mail.com
    +1(716} 545-4535

  54. Anthony Morphy says

    January 17, 2023 at 7:39 pm

    ⚫️ ALL YOU NEED TO KNOW ABOUT LOST FUNDS RETRIEVAL ⚫️

    ⚫️ These days you have to be very careful about who you contact for Funds Retrieval because most of these companies out there who claim they are funds recovery experts are not really who they claim they are, especially those that spam comment sections with their gmail, they are as wack as the scammers who took your money in the first place. come to think of it, why would a Legit Firm be using an ordinary gmail instead of a professional email address. If you’ve had encounters with these guys, you’ld appreciate this Write up..

    ⚫️ Truth be told, the only organization capable of retrieving your lost funds from online scams, fraud and scam investment websites are Team of PROFESSIONAL HACKERS & CYBER FORENSIC EXPERTS, they are the ones who knows various Retrieval Techniques and Strategies that suits different scenarios of Scam. Some companies would tell you they would make use of their Lawyers and Law enforcement Agencies to fight your scammer, all these are long and time wasting procedures and this might eventually not work out or even result in more losses. If you are smart enough, you should know that online scam recovery is a very Professional Case that requires Professional Handling by EXPERTS in the field. You have to take a bold and SMART step by consulting a team of Highly Ranked Hackers and Cyber Forensic Experts Today At FUNDS RETRIEVAL PANEL

    ⚫️ http://www.fundsretrievalpanel.com ⚫️

  55. Lynn Cotton says

    January 25, 2023 at 7:41 am

    Good day everyone, I’m Lynn Cotton from Oregon, USA and I’m going to share information about Spyweb Cyber, and how they helped recover the $40,000 in Bitcoins that was stolen away from me. I was taken advantage of by a fake cryptocurrency investment company pretending to help people double their investments. I was told Bitcoin is impossible to trace once you lose it but after coming across a post about Spyweb cyber, a reputable cryptocurrency recovery company. I contacted them immediately and was able to recover everything I lost. I’m sharing this with anyone who might need their services.
    Their contact is (Spyweb@cyberdude . com)

  56. Lewis James says

    January 27, 2023 at 10:46 am

    Cryptocurrency Tracing and Recovery

    I’m a grateful soul till date because when I lost access to my wallet around last year, the wallet had my investment of 145,000 USD in ETH. In my research for a solution, I read reviews on SCEPTER007 the renowned Genius, who can easily recover as he also specializes in bitcoin wallet recovery tools and high power efficiency on crypto. The specific assistance offered to me varied as it depends on the reasons your coins are inaccessible, but in every case, having experts like him working with you is a key to recovery of your funds. It was very beneficial for me, he knows different combinations of on-chain and off-chain analytics and techniques to fix your stolen crypto. He made use of modern block chain forensic tools to map the activity of scammers who ripped my wallet through my email. I’m recommending the most secure and reliable crypto recovery service that can help you. He’s an expert in tracking stolen crypto funds & more than capable of solving many common problems concerning different platforms.

    His contacts are:

    Email: scepter007 @ workmail.com

    Whatsapp: +12016323107.

  57. Lori Hall says

    March 2, 2023 at 3:03 am

    I started the year with bad credit, lingering debts and derogatory record which was affecting my ability to finance a new home.. I tried a few credit restoration firms but all were abortive until I saw a post about GearHeadPanacea. Com, I reached out to them and shockingly they helped cleaned up my derogatories and raised my score to 780 in a short period which has qualified me for a new home. Anyone else with bad scores can visit their website or reach out to them on Gearheadcyberpanacea AT gmail DOT com.

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