Can’t someone hack the password?

Not realistically. The encryption is designed to be unbreakable.

He says he’s at peace, but the drive still sits in a secure location — just in case.

What’s the lesson here?

Always back up your keys. In crypto, forgetting your password = losing your money.

The Man Who Forgot His Password — and Lost $220 Million in Bitcoin

Imagine owning a fortune… but being locked out of it. That’s exactly what happened to Stefan Thomas, a programmer who was given 7,002 Bitcoin back in 2011 for making a video about crypto.

He stored the coins on a secure USB drive called an IronKey, known for its near-unbreakable encryption. Problem is, he lost the password.

The IronKey gives you 10 attempts before permanently locking the drive forever. Thomas has already used 8 attempts. If he gets the next two wrong, the $220 million (based on recent prices) is gone. Forever.

He’s tried every combination he could think of. Wrote them down. Tried memory exercises. Nothing worked.

He’s now one of many early crypto users who lost access to wallets due to forgotten keys. Some estimates say over 20% of all Bitcoin is lost forever.

It’s a harsh reminder that in the world of crypto, you are your own bank. No customer service, no password recovery, no do-overs.