German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth. IronKey gives users 10 guesses for their passwords before seizing its contents.
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."
quite surprised by this news because his Bitcoin trapped in his hardware wallet is very much. Don't underestimate your private key and password, if you haven't prepared the best place (easy to remember and reach) to store your private key and password then
do it right now..
https://markets.businessinsider.com/currencies/news/programmer-locked-out-220-million-in-bitcoin-forgotten-password-2021-1-1029961378I felt indeed awful upon reading this. What a shame if the password won’t be retrieved right? It is a shame with that amount of Bitcoin.
I guess there are just people who aren’t as cautious as the others. And usually these are people who have much in their lives.
That is why saving and securing passwords and private keys are very crucial when it comes to storing cryptocurrencies.
I felt so sad about this news for the guy because having that much Bitcoin is considered to be one of the whales. My question is why he didn't write down his password/passphrase to a piece of paper and hide it somewhere safe? This should be a lesson and an example to remind us to always make a backup plan. I wonder why the guy forgot to make any or didn't make any backup for his password/passphrase when he's a computer programmer? I wonder if this news is real though?