#insight 🔍
In January 2021, Stefan Thomas, founder of Coil, shared with
The New York Times that he had been on the verge of losing about
$220 million since he forgot his wallet's private key.
It started in 2011 a Bitcoin enthusiast awarded him
7,002 bitcoins, which were worth about 30 dollars at the time.
Later that year, he lost the password to his
IronKey, the USB hard drive that contains the digital wallet that holds his Bitcoins. Since then, the currency’s value has skyrocketed, and Thomas’ holdings were worth nearly half a billion when Bitcoin reached its peak in November 2021.
A study by The Wall Street Journal showed that more than 20% of all Bitcoins ever minted are being lost forever.
So, why would a blockchain wallet, which is supposed to help people stash their assets, make them lose everything?
👉
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