San Francisco man has two guesses left to remember forgotten password or lose his entire $240M Bitcoin fortune
Published on Mar 03, 2026 at 11:15 AM (UTC-5)
by Daisy Edwards
Last updated on Mar 04, 2026 at 12:13 PM (UTC-5)
Edited by
Emma Matthews
This man is facing the horrible Squid Games-style challenge of having only two guesses left to remember his forgotten password or lose his entire $240M Bitcoin fortune.
If you have ever forgotten a password and felt your heart sink, imagine that password protecting $240 million.
A San Francisco man is currently living that exact nightmare with only two guesses left.
His entire Bitcoin fortune sits locked inside a tiny encrypted device, and if he gets the password wrong twice more, the money could be gone forever.
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Two password guesses left, or he’ll lose his $240M Bitcoin fortune
Back in 2011, San Francisco dweller Stefan Thomas created a short explainer video about Bitcoin for a crypto enthusiast in Switzerland.
Instead of cash, he was paid 7,002 Bitcoin, which at the time were worth just a few dollars each.
He stored the digital keys to the Bitcoin on an encrypted Kingston Technology IronKey hard drive and thought he had safely written the password down.
Unfortunately, he later lost the piece of paper with the password on it.
The IronKey only allows 10 password attempts before it permanently encrypts itself, even for its actual owner.
Thomas has already used eight of those guesses. which means he now has just two chances left to unlock what has since grown into a $240 million fortune.
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It’s driving him crazy
As Bitcoin’s value skyrocketed over the years, Thomas realized the scale of what was sitting inside the locked device.
He has described lying awake at night thinking of possible password combinations, getting up to try them, and feeling crushed when they failed.
The pressure of knowing two wrong guesses could end it all has taken a serious mental toll.
For now, he has reportedly placed the IronKey in secure storage to avoid making a rushed decision.
The world is watching to see whether he will eventually crack the code or whether one of crypto’s most famous lost fortunes will remain sealed forever.
Daisy is a technology and automotive journalist covering artificial intelligence, consumer tech, Apple news, cryptocurrency, emerging technologies, and transportation innovation. Since joining the team in 2025, she has reported on everything from AI-powered startups and major iOS updates to viral car stories and the latest developments shaping transportation and the digital economy. Drawing on her background in automotive journalism and a degree in History and Journalism from Goldsmiths, University of London, Daisy specializes in breaking down complex topics into clear, engaging reporting for a global audience. Her work spans cutting-edge technology, innovative vehicles, and the people driving change across both industries. Daisy has gained first-hand access to some of the world's most talked-about technologies and innovators, including meeting Tesla's Optimus humanoid robot during its first European appearance in London. She has also discussed the future of space exploration with an astronaut, bringing unique insights and real-world perspectives to her coverage of emerging technology.
