Tens of billions worth of Bitcoin have been locked by people who forgot their key.

SourceThe New York Times
SectorFinancial Markets
CountryMiddle east

Tens of billions worth of Bitcoin have been locked by people who forgot their key.“I would just lay in bed and think about it,” said Stefan Thomas, who has two guesses left to figure out a password that is worth, as of this week, about $220 millionCredit...Nicholas Albrecht for The New York TimesJan. 13, 2021, 7:46 a.m. ETOf the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis. Wallet Recovery Services, a business that helps find lost digital keys, said it had received 70 requests a day from people who wanted help recovering their riches, three times the number of a month ago.The cryptocurrency’s unusual nature has meant that many people are locked out of their Bitcoin fortunes as a result of lost or forgotten keys.

They have been forced to watch, helpless, as the price has risen and fallen sharply, unable to cash in on their digital wealth.Bitcoin owners who are locked out of their wallets speak of endless days and nights of frustration as they have tried to get access to their fortunes. Many have owned the ...read more...