Owner forgets password to digital wallet with $240m of Bitcoin inside

Owner forgets password to digital wallet with $240m of Bitcoin inside

He has two guesses left to unlock his wallet.

In 2009, James Howells, a British IT worker bought 7,500 Bitcoin, at the time its value was around $130. Currently, 1 Bitcoin is almost $35,000 (£25,000 – €28,000) which means today Howells should have owned a whopping $258 million.

But it turned out back in 2013, Howells threw the hard disk that contained the key to his digital wallet because his girlfriend made him stop mining the cryptocurrency since she was annoyed with loud noises of block-mining hardware.

James Howells

In another incident, the Canada-based cryptocurrency exchange QuardigaCX suffered a major setback after the untimely death of its founder and CEO Gerald Cotten.

However, Cotten had exclusive and crucial information about the exchange’s password but since the CEO was no more, the exchange claimed to lost exorbitant virtual currency amount that totaled around $145 million (CAD 190 million).

The exchange, unfortunately, could not access its cold storage or offline wallets because they simply don’t know the password. The only person who knew the password was Cotten. 

Gerald Cotten

Now, according to the latest research, it has been revealed that there are loads of other users who have forgotten passwords for their crypto wallets while their funds are stuck in them.

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