When the fraudster was jailed for taking advantage of victims’ computer processors to mine Bitcoin – the price of the cryptocurrency was far less valuable than it is now. The digital token skyrocketed in December 2020 and reached an all-time high of $42,000 in January. The Bitcoin fortune stored in the fraudster’s digital wallet was worth $80 million then. However, the German prosecutors claimed that the fraudster won’t be able to access them.
Bitcoin Private Keys are Becoming a Problem
In 2011, Stefan Thomas — a San Francisco-based software developer lost access key to his Bitcoin. Thomas had 7,002 Bitcoin, worth $662 million at the current BTC price. Thomas acquired the cryptocurrency after he animated a video explaining how Bitcoin works. A crypto enthusiast rewarded him with 7,000 Bitcoin back then.
Nevertheless, due to the extreme complexity of IronKeys, Thomas couldn’t retrieve his password. Additionally, the IronKey only gives its holder 10 password guesses before encrypting the Bitcoin permanently.
