$620M in Bitcoin Locked: Wallet Down to Two Password Tries

Stefan Thomas has 7,002 bitcoins worth up to $800M locked on an IronKey USB, with only two password attempts left in 2026.

San Francisco-based programmer Stefan Thomas still cannot access 7,002 bitcoin stored on an IronKey USB drive.

As of early 2026, only two password attempts remain before the device encrypts its contents permanently.

Bitcoin Payment and Early Storage Decision

According to crypto Fergani, Stefan Thomas received 7,002 bitcoin in 2011 as payment for producing an educational video titled What Is Bitcoin?.

At the time of payment, bitcoin was still a niche technology with limited market value.

San Francisco based programmer Stefan Thomas has over $620 million in #Bitcoin locked on an IronKey USB drive.

He was paid 7,002 BTC in 2011 for making an educational video.

He lost the password in 2012 and has used 8 of his 10 allowed attempts

He has only two more… pic.twitter.com/wnSLzpSVlo

— Crypto Fergani (@cryptofergani) January 26, 2026

Thomas chose to store the private keys on an IronKey S200 USB drive. The device is designed for high-security storage and is used by governments and corporations.

The IronKey model allows only ten password attempts. After the tenth failed entry, the device encrypts all stored data permanently.

Thomas wrote the password on a piece of paper shortly after receiving the payment. He later lost the paper and could not recall the exact password.

By 2012, he had already made several unsuccessful attempts. Over time, he continued trying, eventually reaching eight failed attempts.

Growing Value and Current Status in 2026

As of early 2026, the locked bitcoin is valued between $600 million and $800 million.

The estimate depends on bitcoin’s market price at any given time.

The funds have remained untouched since being stored. Blockchain records show no movement from the associated addresses.

Thomas has spoken publicly about the emotional toll of the situation. He has said the pressure affected his mental health and daily life.

In interviews, Thomas stated that he has “made peace” with the possible loss. He said constant stress was no longer sustainable.

The IronKey device is stored in a secure and undisclosed location. Thomas has not shared details about its custody or storage method.

He has also said he will not attempt the remaining passwords without strong confidence. A single mistake could erase the contents permanently.

Related Reading: How to Safely Store and Use Bitcoin in 2025: Introduction To Wallets, Exchanges, & Online Security

Recovery Efforts and Unused Proposals

Thomas has received many recovery offers over the years. These offers came from hackers, engineers, and cybersecurity firms.

Most proposals involved high risk and unverified methods. Thomas declined them due to the limited remaining attempts.

In 2023, cybersecurity firm Unciphered claimed it had broken the security of the IronKey S200. The firm said it could bypass the password limit using advanced computing.

Unciphered publicly demonstrated access to a similar device model. The firm stated it could recover the data without triggering encryption.

Thomas did not approve the attempt. He cited concerns about transferring the physical device and possible damage.

As of late 2025 and early 2026, Thomas has continued to decline Unciphered’s offer. He referenced verbal agreements with two other recovery teams.

Thomas also expressed interest in waiting for future advances. He believes improved cryptography or hardware methods could reduce risk.

For now, no recovery attempt is planned. With only two tries left, the bitcoin remains locked and inaccessible.