David Schwartz, present chief technical officer at Ripple, is responding to stories his predecessor had misplaced entry to a whole lot of hundreds of thousands of {dollars} in Bitcoin

In a Quora put up on Thursday, Schwartz stated latest stories about former Ripple CTO Stefan Thomas forgetting the password to an encrypted arduous drive containing hundreds of Bitcoin (BTC) have been true, however added Thomas had additionally misplaced entry to a whole lot of cash when the crypto asset was younger.


The Ripple CTO stated his predecessor used to check the event of a Javascript library for Bitcoin through the use of actual cash when the price was effectively below a greenback.

“He would create unspent outputs with ‘1.0’ Bitcoin as a result of that was the quickest and best quantity to kind,” stated Schwartz. “He likely created hundreds of such accounts, none of which he retained the keys for because they were just for quick experiments. Each of those accounts is worth $38,000 or so today.”

Even only one hundred of those accounts at 100 BTC would imply the cash inside are worth greater than $three million. The price of Bitcoin has fluctuated between $30,000 and $40,000 since reaching an all-time of greater than $42,000 on Jan. 8.

Final week, a New York Instances profile on Thomas stated that the German-born programmer has used eight out of ten makes an attempt to guess the password to entry an encrypted arduous drive containing 7,002 BTC. He has solely two guesses left on the IronKey arduous drive earlier than the information — and funds — are seemingly misplaced.

Schwartz confirmed the story on Quora, saying Thomas had put apart the cash, which have been a part of a cost for making a video. Nevertheless, he questioned the $200+ million determine cited by main information shops:

“I believe today [Thomas’ Bitcoin is] worth about $114 million. I’m not sure where the $240 million number is coming from — maybe I’m remembering wrong.”

There are numerous comparable tales of lengthy misplaced Bitcoin from early within the coin’s improvement. Final week, Fintech Zoom reported {that a} pupil had discovered personal keys to entry greater than $four million worth of Bitcoin at his grandfather’s home over the vacations.