Bitcoin investor says he has two password guesses left or he'll lose $300 million

Stefan Thomas has been unable to access the drive that holds his cryptocurrency.
Stefan Thomas has been unable to access the drive that holds his cryptocurrency. Photo credit: Getty

A Bitcoin investor from the US claims he only has two password guesses left on his online account before he's locked out - meaning he could lose about NZ$306 million.

The New York Times reported on Tuesday that Stefan Thomas, a computer programmer, has been unable to access his IronKey hard drive - that holds his cryptocurrency - after losing the piece of paper his password was written on.

According to the NYT, there's 7002 Bitcoin in his digital wallet. Users are only allowed 10 password guesses before being locked out of their accounts - Thomas has used eight.

"I would just lay in bed and think about it," Thomas told the newspaper.

"Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."

According to the NYT, Thomas is one of many locked out of their accounts with about US$140 billion currently unrecovered.

Another man who's lost his passwords, Brad Yasar, said he's spent large amounts of money trying to access his accounts.

"Through the years I would say I have spent hundreds of hours trying to get back into these wallets," he told the Times.

Bitcoin has come out of its niche in recent years and is now bought by ordinary people, investment funds, and even large corporations. Some have even taken out loans to buy more of the cryptocurrency, whose value has increased almost tenfold since last March. It topped US$40,000 for the first time last week.

Reuters / Newshub.