Stefan Thomas has 7,002 bitcoins price as much as $800M locked on an IronKey USB, with solely two password makes an attempt left in 2026.
San Francisco-based programmer Stefan Thomas nonetheless can not entry 7,002 bitcoin saved on an IronKey USB drive.
As of early 2026, solely two password makes an attempt stay earlier than the machine encrypts its contents completely.
Bitcoin Fee and Early Storage Resolution
In accordance with crypto Fergani, Stefan Thomas obtained 7,002 bitcoin in 2011 as fee for producing an academic video titled What Is Bitcoin?.
On the time of fee, bitcoin was nonetheless a distinct segment know-how with restricted market worth.
San Francisco primarily based programmer Stefan Thomas has over $620 million in #Bitcoin locked on an IronKey USB drive.
He was paid 7,002 BTC in 2011 for making an academic video.
He misplaced the password in 2012 and has used 8 of his 10 allowed makes an attempt
He has solely two extra… pic.twitter.com/wnSLzpSVlo
— Crypto Fergani (@cryptofergani) January 26, 2026
Thomas selected to retailer the non-public keys on an IronKey S200 USB drive. The machine is designed for high-security storage and is utilized by governments and companies.
The IronKey mannequin permits solely ten password makes an attempt. After the tenth failed entry, the machine encrypts all saved information completely.
Thomas wrote the password on a bit of paper shortly after receiving the fee. He later misplaced the paper and couldn’t recall the precise password.
By 2012, he had already made a number of unsuccessful makes an attempt. Over time, he continued making an attempt, finally reaching eight failed makes an attempt.
Rising Worth and Present Standing in 2026
As of early 2026, the locked bitcoin is valued between $600 million and $800 million.
The estimate depends upon bitcoin’s market value at any given time.
The funds have remained untouched since being saved. Blockchain data present no motion from the related addresses.
Thomas has spoken publicly concerning the emotional toll of the scenario. He has stated the strain affected his psychological well being and each day life.
In interviews, Thomas acknowledged that he has “made peace” with the potential loss. He stated fixed stress was not sustainable.
The IronKey machine is saved in a safe and undisclosed location. Thomas has not shared particulars about its custody or storage technique.
He has additionally stated he is not going to try the remaining passwords with out sturdy confidence. A single mistake might erase the contents completely.
Associated Studying: Safely Retailer and Use Bitcoin in 2025: Introduction To Wallets, Exchanges, & On-line Safety
Restoration Efforts and Unused Proposals
Thomas has obtained many restoration presents through the years. These presents got here from hackers, engineers, and cybersecurity companies.
Most proposals concerned excessive threat and unverified strategies. Thomas declined them because of the restricted remaining makes an attempt.
In 2023, cybersecurity agency Unciphered claimed it had damaged the safety of the IronKey S200. The agency stated it might bypass the password restrict utilizing superior computing.
Unciphered publicly demonstrated entry to the same machine mannequin. The agency acknowledged it might get better the information with out triggering encryption.
Thomas didn’t approve the try. He cited considerations about transferring the bodily machine and potential injury.
As of late 2025 and early 2026, Thomas has continued to say no Unciphered’s provide. He referenced verbal agreements with two different restoration groups.
Thomas additionally expressed curiosity in ready for future advances. He believes improved cryptography or {hardware} strategies might scale back threat.
For now, no restoration try is deliberate. With solely two tries left, the bitcoin stays locked and inaccessible.