Stefan Thomas forgot password for wallet with 7200 bitcoins

 

Stefan Thomas has been known for not remembering a Bitcoin wallet password for nearly two months. The 7,200 Bitcoin in the cryptocurrency wallet, which Thomas forgot his password, is worth $ 388 million.

San Francisco-based CEO of Coil ic, Stefan Thomas, is somewhere away from his Bitcoins worth $ 388 million. When he lost his wallet password, the value of his Bitcoins was around $ 148,000.

Learned everyone's name, software developer Thomas told the Bitcoin story on the Fintech Beat podcast. 

It all started in 2010 Thomas was working as a software developer in 2010. 

He had a problem with jobs as a freelancer:difficulty with payments across borders. Some of Thomas' bank accounts and international trade were closed. With the discovery of Bitcoin, making payments became easier.

Mt. He stated that before the Gox exchange, there was no website or platform where the Bitcoin price could be tracked or traded. In 2010, Mt. A relatively small Bitcoin community emerged with the Gox exchange.

Thomas said that with the emergence of the stock market and Bitcoin seeing price activity, it started to attract people's attention. “People were impressed by Bitcoin technology and were talking about the benefits it offers. 

Personally, I was intrigued by Bitcoin's contribution to payments, and I worked on it in my spare time. " 

First Bitcoin experience 

Thomas said he obtained his first Bitcoin through the over-the-counter market (OTC).

While explaining this, the famous Papa John's gave the example of pizza: "At that time, you were giving something for BTC as if you were paying for a pizza to buy Bitcoin." In 2010, he stated that Bitcoin was seen as a very new technology and considered experimental.

He did not see Bitcoin in a long-term perspective, either. But one day, he saw a community award for making an animated video about Bitcoin. The reward was 13,000 BTC. Thomas got the support of some of his friends for this and won the prize. The reward was 9,052 BTC.

He spent 2,000 of this award on those who helped him in the project and other expenses. He threw the remaining part into his crypto money wallet.

Protected Bitcoins Thomas wanted to protect his Bitcoins after the amount started to increase. It established a cryptocurrency wallet system consisting of 2 backups and 1 main wallet to protect thousands of Bitcoins it owns. He set up the passwords for all of them and now felt completely safe.

Until July 2012. Everything has changed Stefan Thomas realized that he could not access the Bitcoins he was protecting on July 11, 2012. When he tried to enter the cryptocurrency wallet, his password was rejected and he saw that he had 2 access rights left. 

“When I lost, I panicked. I was very bad. Making such a mistake saddened me. I researched how I can get my Bitcoins back. I said maybe I should have given up. "

Thomas, an early Bitcoin owner, said that at the time there were no cryptocurrency custody companies or options such as powerful hardware wallets. He found the solution in the encryption method IronKey.

Various ways to get it back are offered Stating that he heard all kinds of cryptocurrency cipher stories from others, Thomas said, "If you want your Bitcoin, it's your job to keep it safe." says. Thomas states that humans offer many ways to crack the code, from supernatural forces to hackers.

He said it could be decrypted, with a possibility. Blockchain has changed many things Although there were problems in the early stages of crypto currencies, blockchain technology is promising. Stefan believes that besides decentralization and the creation of a new technology, blockchain is changing the way people view finance and payment systems.