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Imagine Losing RM1bil, Because You Can't Remember Your Password

Imagine Losing RM1bil, Because You Can't Remember Your Password

Imagine this, you have around a billion ringgit worth of investments but you can’t access it because you……forgot your password.

 

I know, it sounds incredibly frustrating already. But I bet most of you are thinking, that’s not really a big deal. We forget passwords to many different accounts all the time. We either need to request the forgot password option or in the case of banks, we could just call them up and let them know. Right?.

Donald Trump GIF by Election 2016

 

The thing about Bitcoins is that it doesn’t have such options. It’s either you remember your password or you don’t.

 

Stefan Thomas is in an incredibly tough situation as he has already used up 8 possible combinations in trying to access his Bitcoins.

His journey in cryptocurrency started a decade ago when he received 7,002 bitcoins from shooting a video on how Bitcoin works. Soon after, he just moved on with his life with the cryptocurrency in his digital wallet.

As of March 2020, Bitcoin has seen a sharp increase in value by more than 700 percent. Due to this, Thomas’ Bitcoins are estimated to be worth around RM 1 billion. Unfortunately, he can’t remember his password since he put his digital wallet aside during the time when it wasn’t anywhere near valuable.

Now he is left with 2 possible attempts before his IronKey Hardrive (contains the private keys to his Bitcoin) is encrypted and locked away forever. For the time being, his fortune remains locked away.

Thomas is not the only would-be billionaire going through this problem. It is estimated around 20% of Bitcoins are in circulation due to inaccessible wallets and one of the major reasons for that is well, you know it, forgotten passwords.

I guess these would-be billionairs can only imagine making snowangels in their locked away cash.

 

Lesson learnt boys and girls, always keep a consistent password or maybe even write it down somewhere. Imagine what you could do with a billion ringgit! 

 

 

Credits to Soya Cincau for the initial coverage.

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