Insight & Analysis

Just a password away from your bitcoin fortune!

Published: Jan 2021

As bitcoin bounces around the heights of its value, supply and demand continues to drive interest in the digital currency and to augment its value, there have already been some dramatic casualties of the boom.

Lost key buries half in sand on a beach

Last week the world was awash with tales of a bitcoin millionaire who was suffering a major setback after having forgotten the password to his wallet. Stefan Thomas’ 7002 bitcoins amount to a fortune of US$220m. However, if he cannot remember his password to his digital currency wallet he will walk away with nothing.

Thomas had kept his fortune on an Ironkey device which requires its owner to remember their password with only ten chances, otherwise the device will become encrypted! He is not alone, with current estimates around US$140m lying inaccessible as a result of owners’ forgetfulness!

As Christine Lagarde and other financial leaders rally for greater digital currency regulation, let this serve as a reminder of the ever increasing importance of password recall, lest you also find yourself locked out of the millionaire’s castle in this new financial era!

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