For most people, forgetting a password is a mild inconvenience, but for one man, it could mean losing a fortune.
Stefan Thomas, a well-known figure in the cryptocurrency world, is locked out of a digital wallet that holds a staggering 7,002 Bitcoins - now worth roughly $609 million.
And he has only two tries left before the device deletes itself permanently.
Here’s how one of crypto’s early pioneers ended up in a digital nightmare that could cost him hundreds of millions.
The early crypto genius who helped bring Bitcoin to the masses
Stefan Thomas isn’t just another name in the crypto crowd. He’s one of the earliest developers in the Bitcoin ecosystem, helping to shape the digital currency from its infancy, per GulfNews.
His influence goes far beyond just buying and selling - Thomas has held major leadership roles, including Chief Technology Officer at Ripple and CEO and co-founder of the financial services startup Coil.
Back in 2011, Thomas created the animated explainer “What is Bitcoin?”, which quickly became the go-to video for anyone trying to understand the new digital currency.
He also launched WeUseCoins.com, which at the time was the largest online resource for Bitcoin newbies.
With over 15 years of experience as an open-source developer, he didn’t stop there. Thomas co-invented the Interledger Protocol - a revolutionary open payments standard that connects different payment networks around the world.
From a tech prodigy in Germany to crypto heavyweight in the US
Born in 1986 near Munich, Germany, Thomas was writing code as a teenager.
After graduating with top honors in computer science from the Technical University of Munich, he dove into the tech world and discovered Bitcoin around 2011.
By 2012, he had moved to the United States to seize bigger opportunities in blockchain development. At Ripple, he wasn’t just a team member - he became the CTO and eventually served as Chair of the Interledger Foundation.
While there, he played a key role in creating Codius (a smart contracts platform) and Mojaloop, a project aimed at improving financial access for underserved communities.
Thomas has long been an advocate for using digital currencies to break down barriers in global finance.
He sees crypto as a tool for financial inclusion, allowing people who are typically shut out of traditional systems to finally take part in the global economy.
How $2,000 in Bitcoin turned into $609 million
Back in 2011, Thomas was paid 7,002 Bitcoins for his now-famous Bitcoin explainer video. At the time, those coins were worth just $2,000. He stored them on an IronKey - a highly secure USB wallet - and wrote the password on paper.
But then, he lost the paper.
Today, with Bitcoin valued at about $87,000 each, those 7,002 coins are worth a jaw-dropping $609 million. But there's a catch: IronKey allows only 10 password attempts before it wipes itself clean. Thomas has already used eight of those tries.
“It’s a high-stakes situation with no easy solution”
According to bit2me crypto news, Thomas has just two more chances to guess the correct password before the wallet erases all of its contents forever. That’s a risk he’s not willing to take lightly.
Over the years, he’s tried everything - even enlisting friends and hackers who specialize in password recovery, as reported by Coinpaper. But none have been able to crack the IronKey’s intense security.
There may be hope. Cybersecurity company Unciphered claims it has found a way to bypass the IronKey’s restrictions using a method that simulates 200 trillion password attempts - all without triggering the device’s self-destruct function.
The firm reportedly contacted Thomas, offering their help to retrieve the fortune. But Thomas declined, citing a previous verbal deal with two other teams who he promised a share of the Bitcoin if they succeeded in unlocking the wallet.
So far, there's no official word that the IronKey has been successfully opened. If it has been, any information is likely being kept under wraps due to security or legal concerns.