Man loses $220 million by forgetting his Bitcoin wallet password

A 33-year-old software developer has $220 million locked away in 'Iron Key,' but he's unfortunately forgotten his password.

Published Tue, Aug 3 2021 3:35 AM CDT   |   Updated Wed, Sep 1 2021 1:36 PM CDT

There is nothing worse than forgetting your password to an account you need to get access to, but imagine being locked out of an account that is holding your $220 million in Bitcoin.

Man loses $220 million by forgetting his Bitcoin wallet password 01 |

33-year-old software developer Stephen Thomas is experiencing that very thing as he cannot remember the password to his "Iron Key", which contains a stack of Bitcoin that he purchased back in 2011. So, what is an Iron Key? An Iron Key is developed by Kingston Technology and is a USB drive with AES-encrypted directories that only allows for ten attempts, and if ten attempts are incorrect, then the USB wipes all of its content.

The New York Times interviewed Stephen where he said, "I would just lay in bed and think about it: Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again. It was actually a really big milestone in my life where I sort of realized how I was going to define my self-worth going forward. It wasn't going to be about how much money I have in my bank account."

Unfortunately, it's not uncommon for people to forget the passwords to their accounts, which is why it's always recommended to keep physical copies of your passwords - especially with something as important as cryptocurrency wallets.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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