Lost crypto keys and passwords worth millions of dollars in bitcoin

When the value of Bitcoin BTC is pending between 35 000 USD and 40 000 USD, the reports of lost keys, passwords and hard drives containing millions and in some cases billions in dollars in bitcoins keep showing up all over the Internet.

Programmer Stefan Thomas is one example of the people that lost access to their valuable Bitcoins. He received 7 002 bitcoin in 2011 as a payment to create a video explaining how the cryptocurrency works.

In the years that have passed, he has lost his password to the device he used to stores his coins, using 8 out of his allotted 10 attempts to access the hard drive – after which the drive is programmed to seize up for good, and his sizable fortune will be lost forever.

Another example is James Howells who got rid of the hard drive on his laptop seven years ago. First it ended up in a desk drawer after he had accidentally spilled a drink on it, then it was thrown away after a while during a major cleaning.

Since then, he has had a hard time forgetting the discarded hard drive. Wonder about it. On this there were 7 500 units of the virtual currency bitcoin, which he had completely forgotten.

He bought his bitcoin for virtually nothing in 2009 and at the hefty loss in 2013 they were worth just over 5,5 million dollars. Since then, the bitcoin value has of course fluctuated, but in 2020 the digital currency rushed in value and is now traded at just over 38,500 dollars each. At the time of writing, Howell’s lost fortune is worth 288 million dollars.

The lesson to learn is to keep a good eye on your passwords and hard drives, so investing in for example a Ledger wallet to backup your valuable Bitcoins to could be a good solutions. Ledger also offers a backup kit where you get two hardware wallets, where one is backup for the other wallet.

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