United States:
Do You Know Your Bitcoin Password?
13 January 2021
Foley & Lardner
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The NewYorkTimes.com reported about a lost password for Bitcoin
that "Stefan Thomas, a German-born programmer living in San
Francisco, has two guesses left to figure out a password that is
worth, as of this week, about $220
million." The January 12, 2021 article
entitled "Lost Passwords Lock Millionaires Out of Their
Bitcoin Fortunes" included these comments about Mr.
Thomas' plight:
The password will let him unlock
a small hard drive, known as an IronKey, which contains the private
keys to a digital wallet that holds 7,002 Bitcoin.
While the price of Bitcoin
dropped sharply on Monday, it is still up more than 50 percent from
just a month ago when it passed its previous all-time high around
$20,000.
The problem is that Mr. Thomas
years ago lost the paper where he wrote down the password for his
IronKey, which gives users 10 guesses before it seizes up and
encrypts its contents forever.
He has since tried eight of his
most commonly used password formulations — to no
avail.
There should be a PASSWORD lesson in this story!
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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