2025-12-29 17:25:20

A choice in 2011 changed the life trajectory of programmer Stefan Thomas. That year, he did voice-over work for a Bitcoin video, earning 7002 BTC as compensation. At the time, no one took it seriously; the coin's price was only a few dozen dollars. He transferred this "small reward" into an IronKey hardware wallet, with the password written on a piece of paper. The paper was eventually lost.

In 2012, Stefan realized he had truly forgotten the password.

IronKey's rules are ruthless: only 10 attempts allowed. After 10 incorrect tries, the device is permanently encrypted, and the data is completely locked. So far, he has used 8 attempts. 2 attempts remain. Those 2 attempts will determine whether he can access this asset.

Years passed by. Bitcoin's price soared. By 2021, The New York Times reported this story. People suddenly realized: these 7002 bitcoins are now worth hundreds of millions of dollars. A multi-billion dollar mystery locked inside a hardware wallet, unseen and untouched.

The story began to spread wildly, and various unlocking solutions emerged like mushrooms after rain. Expert teams and independent hackers all promised to crack it or demanded a share. Stefan collaborated with several schemes, but the entire process moved extremely slowly.

Fast forward to 2025, IronKey remains tightly sealed. Those 7002 bitcoins are still inaccessible. They are right there. Visible. Out of reach.

The reason this story keeps being retold is not because of greed, but because it exposes a fundamental contradiction in the crypto world: between ownership and control, there is no room for buffer. Forget a password, and tens of billions of dollars can vanish right before your eyes. Maybe one day it will be unlocked, or maybe it will sleep forever inside that device.

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LongTermDreamer

· 13h ago

Oh no, I've heard this story three times already, and each time I find it incredibly ironic. Over 7,000 Bitcoins just lying there, how painful must that be for Stefan? But look, isn't this just the fate of our crypto world? The greater the control, the higher the risk. No buffer, no chance to regret. But on the other hand, there are still two chances left; what if one day it really gets cracked? The cycle theory tells me that miracles happen unexpectedly, and there might be a turning point within three years.

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GasGuzzler

· 13h ago

This guy is really incredible. He only missed 2 times but just can't remember... If I were him, I would have gone crazy long ago. --- What you see but can't get, this is true hell. --- Wake up. That's why I never store coins in hardware wallets... losing the password is worse than being hacked. --- 7,002 BTC, brother. What can you do with that now... Every year I tell this story, I can't help but sigh. --- Whether or not the puzzle is solved, this guy is already famous enough— a living symbol in the Bitcoin world. --- I really can't understand how someone can be so casual about losing a password paper. How could they be so careless? --- Two more chances. I bet he wouldn't dare to move in this lifetime... The psychological pressure must be enormous.

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BetterLuckyThanSmart

· 13h ago

Damn, that's why I never store coins in a hardware wallet Paper backup? Wake up, that thing is the least reliable Stefan is the living example of the opposite, billions just gone like that Forgot the password and still have 8 attempts left? I would be devastated This is the real truth about crypto; the cost of self-custody is damn high 10 attempts, 2 left, the pressure can drive you crazy Is it the ruthless design of IronKey or my own carelessness? Hackers even joined the fun, but still no luck, what does that say? Watching hundreds of millions of dollars just sitting there out of reach, this kind of torment is truly terrifying But on the other hand, this story also proves one thing — there is no perfect security, only eternal regret

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ContractHunter

· 13h ago

Haha, this person really had good luck and bad luck back then. Spending a few thousand bucks on voice acting work turned into a nightmare worth billions. Losing the password paper is really outrageous, with only 2 chances left, it's almost driving me crazy. This is the fate of crypto. The greater the control, the more desperate you feel when you lose it.

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