Wednesday, May 29, 2024

Should-be crypto millionaires that have lost their wallet password as a result of password-related problems

More than a hundred should-be crypto millionaires have had their hopes of being grand investors thwarted because of loss of passwords. Most of these investors are some of the early birds in the crypto community, and they never did take their account seriously. Imagine an investor that invested $100 on bitcoin in 2010 and couldn’t find his wallet password or recover the lost password in 2021. The crypto community has grown more than ten times what it used to be in the past ten years, and there’s capacity for more. If you by any chance have thought your $50 investment in 2010 is invaluable, by now, you should be having regrets if you can’t access the wallet or have the recover blockchain wallet services to help you with the recovery processes.

There are several means of recovering lost crypto wallets, and while some are getting their long-lost passwords back, thanks to crypto recovery services, some are having regrets and a bunch of “Had-I-known.” Most bitcoin wallet users are given at least ten tries at recovering their passwords before it gets locked for good. Currently, about 18.5 million bitcoins are locked away in unknown wallets, and that’s about $140 billion. Crypto wallet recovery services are responsible for helping you recover your lost wallet password. Most of these recovery services get at least 70 requests per day from users that have lost their password, and it grows even bigger per month.

Top three should-be crypto millionaires that have lost their wallet passwords

Here are some of the top three bitcoin wallet losers of all time;

  • James Howell:

James Howell, a United Kingdom citizen, is one of the most unfortunate individuals regarding bitcoin losses. He lost his hard drive containing about 7,500 bitcoins and couldn’t retrieve it because it had been disposed of in Newport. Losing that great amount of bitcoin was one of the most unfortunate events in the history of bitcoin. That bitcoin is still in waste and would probably be long gone since the hard drive is somewhere around 350,000 tonnes of waste. So, there’s a huge probability that the hard drive would have been spoilt and the wallet gone alongside the 7,500 bitcoins.

  • Stefan Thomas:

Stefan Thomas is a German programmer living in San Francisco. He has just two guesses left until he’s completely locked out of his bitcoin wallet worth about $220 million earlier this year. The password holds a hard drive that contains an Ironkey wallet with about 7,002 bitcoins. The reason for the panic is because he lost the paper where he wrote the Ironkey password years ago and had since then been trying to unlock the wallet, all to no avail. Mr. Thomas got the 7,002 bitcoin as a gift from a bitcoin fanatic from making an animated video in 2011. This video was one of the few online contents that introduced several individuals to blockchain technology.

  • Gabriel Abed:

A 34-year-old entrepreneur from Barbados lost about 800 bitcoins, which was around $25 million earlier this year. His colleague reformatted a system containing the private keys to his bitcoin wallet in 2011 and hasn’t been able to recover the private keys since then.

It’s advisable always to have your wallet backed up. If possible, have more than one wallet containing your assets so; you don’t get to have all your eggs in one basket. However, the most important means of securing your private keys and wallet is seeking wallet recovery services. They help keep your private keys safe and have your passwords backed up using the best means possible. With wallet recovery services, you do not need to use up your password attempts peradventure you forgot. All you need do is contact them, and they help you assess your wallet and send you a link to either change the password to a more suitable one.

Losing your bitcoin or other cryptocurrencies to active trading might not be as painful as not remembering the password to a dormant bitcoin wallet address. The over 18 million bitcoins in dormant addresses are for some individuals, and most of them have exhausted their options. If you still have your wallet address not basked up with a wallet recovery service or in other secured means, you might want to take that as the next step. The crypto community is advancing by the day, and the prices of cryptocurrencies are increasing. It’s going to be very unfortunate if you lose the credentials to login into your wallet after it has grown exponentially.

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