David Schwartz, Ripple’s current chief technology officer, responds to reports that his predecessor has lost access to hundreds of millions of dollars in Bitcoin.

In a post on Quora on Thursday, Schwartz said recent reports that former Ripple CEO Stefan Thomas had forgotten the password for an encrypted hard drive containing thousands of Bitcoins (BTC) were correct, but added that Thomas had also lost the possibility. Access to hundreds of cryptocurrency coins. Account. … he was young.

Ripple’s chief technology officer said his predecessor tested the development of the Bitcoin JavaScript library using real currencies when the price was well below a dollar.

“He wanted unused output with Bitcoin ‘1.0’ because it was the fastest and easiest number to write,” Schwartz said. “He might have created hundreds of these accounts, none of which kept the keys because they were just for a quick test. Today, each of these accounts is worth $ 38,000.”

Even just a hundred of these 100 BTC accounts mean that the coins inside are worth more than $ 3 million. Bitcoin prices have fluctuated between $ 30,000 and $ 40,000 since reaching a permanent high of more than $ 42,000 on January 8th.

Thomas’ file in The New York Times reported last week that a German-born programmer used eight out of ten attempts to guess the password to access an encrypted hard drive containing 7002 BTC. He only had two guesses left on IronKey’s hard drive before the data – and money – seemed to be lost.

Schwartz confirmed the story on Quora and said Thomas set the coins aside as part of the push to create the video. However, he questioned the $ 200 million figure reported by the major media:

“Today I think Bitcoin Thomas] is worth about $ 114 million. I’m not sure where the $ 240 million came from – maybe I don’t remember correctly.”
There are many similar stories about Bitcoins lost long ago since the inception of coin development. Cointelegraph reported last week that a student found private keys to access more than $ 4 million in bitcoin in his grandfather’s home over a vacation.

Source: CoinTelegraph