Bitcoin hodlers can’t access their wallets because of lost passwords

Bitcoin hodlers can’t access their wallets because of lost passwords
January 18
08:00 2021

The recent fluctuations in Bitcoin price have been fascinating over the past two months. At some point, the cryptocurrency went over $40,000, and hodlers rejoiced. However, for some, seeing this rise in price was not an exciting event. That is because many hodlers no longer have access to their Bitcoin wallet passwords, The New York Times reports.

According to the source, citing the cryptocurrency data company Chainalysis, about 20 percent of all Bitcoin is either somehow lost or not available in another way. Many of the owners who now cannot recover their funds invested in Bitcoin during its early days. Back then, it was very difficult to predict its growth, especially to such high numbers.

The New York Times reports on the story of Stefan Thomas, a programmer whose lost password prevents him from accessing his Bitcoin fortune, about $220 million. According to the source, Thomas stored his funds on a digital wallet, and the keys to the wallet are on his IronKey hard drive. The drive has a password and gives the user 10 attempts to enter the right one. Out of these, Thomas already used 8.

Lost passwords are not the only problem that cryptocurrency enthusiasts face while Bitcoin is growing. Another is the cryptocurrency scams, with the recent release of three malicious cryptocurrency-related apps.

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