Rate, review and subscribe to Equity Mates Investing on Apple Podcasts 

They Cracked the Code to a Locked USB Drive Worth $235 Million in Bitcoin. Then It Got Weird

@EQUITYMATES|1 November, 2023

The stories of people losing access to their cryptocurrency can be devastating. There is Stefan Thomas, who forgot the password of his storage device and can’t access $235 million in Bitcoin. Or James Howell, who accidentally threw out the USB containing £200million Bitcoin and is lobbying to dig up a tip in Wales to find it. Could you imagine how they would feel.

This article takes a look at a lab in Seattle that has spent 8 months working on devices like the one Stefan Thomas is locked out of, solely focused on finding a way to unlock that $235 million of Bitcoin.

The challenge with his device is that it allows the user 10 guesses of the password. After the 10th incorrect guess, the device locks and the data is unrecoverable. Stefan has used 8 of his guesses.

This Seattle lab believes after 8 months they have found a solution and have tested it on devices that are the same make and model are Stefan’s. But here’s where the story gets weird. Stefan’s not interested in their help.


This is an excerpt from our Thought Starters email. Once a week we send you 5 interesting articles that have caught our attention, to get you thinking. No spam, we guarantee.

More About

Get the latest

Receive regular updates from our podcast teams, straight to your inbox.

The Equity Mates email keeps you informed and entertained with what's going on in business and markets
The perfect compliment to our Get Started Investing podcast series. Every week we’ll break down one key component of the world of finance to help you get started on your investing journey. This email is perfect for beginner investors or for those that want a refresher on some key investing terms and concepts.
The world of cryptocurrencies is a fascinating part of the investing universe these days. Questions abound about the future of the currencies themselves – Bitcoin, Ethereum etc. – and the use cases of the underlying blockchain technology. For those investing in crypto or interested in learning more about this corner of the market, we’re featuring some of the most interesting content we’ve come across in this weekly email.