Stefan Thomas, former chief technical officer (CTO) at Ripple, has refused the help of a group of hackers who are convinced to possess the ability to unlock his encrypted USB drive containing 7,002 BTC worth $241 million at current prices.
Wired reported that Thomas lost the password to access his digital fortune and had exhausted eight out of ten attempts to unlock it before losing access forever.
An Inaccessible Fortune
The former Ripple CTO reportedly received the whooping asset in 2011 for making an educational video about Bitcoin (BTC). He lost the vital seed phrase to the wallet the same year.
Back in 2021, when the news of the missing seed phrases first hit the internet, Thomas said, “This whole idea of being your own bank — let me put it this way, ‘Do you make your own shoes? The reason we have banks is that we don’t want to deal with all those things that banks do.”
Read Also: Man Who Acquired 6,000 BTC at $5 Lost Access after Cleaner Unknowingly Discarded Access Codes
Fast forward to 2023, Unciphered, a Seattle-based startup, claimed to have developed a secret technique to crack the IronKey model protecting Thomas’s bitcoins. IronKeys are designed to erase their contents after ten incorrect password attempts, making the task seem impossible.
Unciphered’s hackers, however, showed they could unlock an IronKey in a total of 200 trillion tries, thanks to a high-performance computer and their proprietary technique. They now believe they can access Thomas’s locked USB drive.
Unciphered Moves To Convince Stefan Thomas
The catch is that Thomas is hesitant to accept the team’s help. He had previously made agreements with two other cracking teams, offering them a share of the proceeds if they successfully unlocked the drive. Despite the inability of other groups, Thomas remains committed to giving them more time.
This puts Unciphered in a difficult situation. They have a valuable tool to unlock the IronKey but no permission to use it. Thomas confirmed turning down Unciphered’s offer and mentioned that he’s working with a different team of experts.
Thomas’s Bitcoins, initially worth less than a dollar, have grown to a staggering $235 million. He accidentally erased backup copies and lost the password to the IronKey. The inaccessible fortune has haunted him for over a decade.
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Unciphered was founded in 2021 by a team of cryptographers and hackers aiming to unlock inaccessible cryptocurrency wallets. The team has successfully opened wallets worth “many millions” through innovative cryptographic vulnerabilities or software flaws.
To crack Thomas’s IronKey, Unciphered conducted extensive research, reverse-engineering the device, and even performed a complex surgical operation on the USB drive. Their efforts became successful in July, allowing them to decrypt the IronKey without destroying it.
Read Also: Someone Just Lost $50 Million Worth of Bitcoin (BTC) To Decentralized Finance (DeFi) Hacker
What Happens Next?
Unciphered plans to publish an open letter and a video to persuade or pressure Thomas into collaborating with them. However, Thomas might not even be interested in the money, considering his already substantial wealth from other crypto ventures. Unciphered remains hopeful but is prepared to move on if Thomas doesn’t cooperate.
It’s a nice change of pace to see hackers using their skills for good, unlike the hackers who recently got into Mixin Network. However, the decision ultimately rests with the owner. As Unciphered’s Nick Federoff aptly puts it, “Humans are incredibly unpredictable creatures.”
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