Connect with us

Market

IronKey User Has Two Guesses Left to Access or Lose $220M in Bitcoin

Published

on


With just two guesses left to decide his fate with the hard drive, the user has put it in a secure facility.

Stefan Thomas, a German-born programmer, has been left in a very difficult situation after failing to guess his private keys in 8 attempts to access his Bitcoin. Thomas has 7002 Bitcoins which is around $220M in a small hard drive also called IronKey.

Users of this drive have up to 10 attempts to enter their private keys to access their assets or lose them forever. According to reports, Thomas wrote down the password of the IronKey on a piece of paper but unfortunately lost it some years ago.

When talking about how he ended up taking 8 wrong guesses, Thomas said that he desperately thinks about some letter combinations when he goes to bed, and after coming out with what he thinks could be the right one, he walks straight to his computer to try his luck. The frustration of trying to get access to a lost account is very common among people who share a similar fate. Brad Yasar, an entrepreneur in Los Angeles who lost access to his Bitcoin wallet after trying all the possible formulas spoke about how exhausting it can be.

“Through the years I would say I have spent hundreds of hours trying to get back into these wallets,” he said.

Yasar mined thousands of Bitcoins in the initial stage of the technology which could have changed his life completely. After uncountable attempts to guess the right password, Yasar has now put the hard drive containing the digital assets into a vacuum-sealed bag to prevent himself from being reminded that his current financial status is just a fraction of what he could have got.

Thomas in his interview disclosed that an early Bitcoin fanatic dashed him the 7002 Bitcoins after being impressed with an animated video entitled “What is Bitcoin?”, created in 2011. Interestingly, his love for Bitcoin has to do with the decentralized nature that makes It function outside the interference of government and central banks.

With just two guesses left to decide his fate with the hard drive, Thomas has put it in a secure facility. Thomas did this to hope that cryptographers may probably come out with a new way of cracking complex passwords in the future. He also put the IronKey in the facility for the sake of his health.

“I got to a point where I said to myself, ‘Let it be in the past, just for your mental health,” he said.

Just like Thomas, many other people whose stories may not have gotten to the mainstream media are nursing the same wound. It was reported that 20% of Bitcoin in circulation is not accessible. The reason could be that the owners have lost their private keys, or they have not been touched for a long time, or they belong to Satoshi Nakamoto. Bitcoin aims to make people manage their funds by removing middlemen from transactions. Unfortunately, the difficulties in accessing the assets due to lost private keys make it hard to conclude whether the whole idea is necessary.

next Bitcoin News, Cryptocurrency news, News

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



Source link

Market

Early CryptoPunk Digital Collectible Sells for $762K in Ether

Published

on

By


Some rudimentary pixel art just sold for 605 ETH, or $761,889 at purchase.

FlamingoDAO, a decentralized autonomous organization (DAO) for investing in digital collectibles, is behind Saturday’s eye-popping CryptoPunk sale. Only nine such “Aliens” exist in the CryptoPunk universe, which pioneered non-fungible tokens (NFTs) in 2017 and are the “Holy Grail” for an emerging class of Ethereum-based art collectors.

FlamingoDAO community representative Priyanka Desai told CoinDesk it was by far the collective’s most expensive piece to date.

“I showed my mom and she was like, ‘What???’” Desai said in a phone interview.

Flamingo is a fund with roughly 40 members and 4,800 ETH in pooled capital, Desai said. It has “hundreds” of NFTs in its growing collection including rare Autoglyphs, NBA Top Shot cards and land plots in various metaverses.

Flamingo’s decision to act on this rare opportunity “was whipped together within 25 minutes,” mostly via Discord, Desai said.

“It’s understandable for folks to be skeptical about NFTs, but in our view, NFTs are the future of not just digital art, but all digital property,” FlamingoDAO said in a statement. “It’s the tip of a very large spear.”

A prominent decentralized finance (DeFi) personality, @0x_b1, was one of the counterbidders who lost out on CryptoPunk 2890. In a tweet, @0x_b1 said they had valued the CryptoPunk at roughly $1 million.

The CryptoPunk in question last sold in July 2017 for 8 ETH, or $2,127 at the time. That represents a 75x return on investment in ETH terms (and even greater in USD).

“People see it as a collectible that is pretty significant in the history of NFTs,” said Desai.

Options for realizing a return on the investment are still to be determined by DAO members, Desai said. Aside from future appreciation or its possible financialization, “There’s also this notion of Flamingo wanting to build galleries in different metaverses for putting this and other pieces on display,” she said.



Source link

Continue Reading

Market

Valkyrie Digital Assets Files for Bitcoin ETF

Published

on

By


Valkyrie Digital Assets filed an application on Friday for a bitcoin exchange-traded fund (ETF), becoming the second company to do so in a month.

According to Dallas-registered Valkyrie Digital Assets, the Valkyrie Bitcoin Trust would be listed on the New York Stock Exchange and Coinbase Custody Trust Company, LLC would serve as the custodian for the proposed ETF.

Leah Wald, CEO of Valkyrie Digital Assets, told CoinDesk, “Our executive team has previously launched multiple ETFs, publicly traded funds, and ETPs, including bitcoin funds.”

Wald explains the team behind the ETF includes, “Steven McClurg and John Key who have collectively worked on over 100 esoteric and novel deals that have passed regulatory scrutiny.”

While an ETF is seen as advantageous because it trades on the stock market in much the same way as shares in popular companies such as Apple and Microsoft, over the years the U.S. Securities and Exchange Commission has rejected bitcoin ETF proposals due to concerns about market volatility and industry manipulation. 

Still, there’ve been signs the SEC is warming to the idea. In October 2020, then-Chairman Jay Clayton, who many saw as lukewarm toward crypto, said the agency was still open to considering ETF proposals.

Now, with a new administration causing a changing of the guard at the SEC, it is widely hoped by crypto advocates that such an ETF will be approved in 2021. Clayton stepped down officially last month and was replaced by Gary Gensler, who is widely seen as being more pro-crypto than is his predecessor.

Also adding to optimism is this month’s departure of Dalia Blass, the director of the SEC’s division of investment management. Blass was the author of a 2018 letter within the SEC expressing concerns that the bitcoin market was not large enough or liquid enough to be ready for an exchange-traded product.



Source link

Continue Reading

Market

Another Pro-Crypto Appointment in the Biden Administration?

Published

on

By


Reports are that Chris Brummer – author of a volume on crypto assets and frequent speaker on digital currencies – will chair the CFTC.

This episode is sponsored by Nexo.io.

On this edition of the Weekly Recap, NLW argues that while bitcoin’s price was the short-term story of the week, the medium-term story was all about the transition of power in the U.S. to the new Biden Administration. In it, he discusses what the appointments (reported or confirmed) of Janet Yellen, Gary Gensler, Michael Barr and Chris Brummer suggest about the future of crypto policy.

Image credit: Chip Somodevilla/Getty Images News



Source link

Continue Reading

Trending