A Programmer Fears Losing his Huge Bitcoin (BTC) Empire 0 30

What could be worse than having so much money in your possession and still finding yourself helpless when it comes to extracting it? Although cryptocurrencies are extremely convenient assets to keep, yet they tend to become a problem when it comes to remembering passwords.

Therefore, people tend to keep the passwords to their devices, wallets and accounts in the password managers to make their lives easier. The real problem comes in when a person in possession of the passwords ends up misplacing them or forgets the password to their system, causing even more problems.

A similar kind of case has taken place with a programmer that was born in Germany but currently lives in San Francisco. It seems that being too excited about the rise in the price of Bitcoin (BTC), the programmer has ended up forgetting the password to his Bitcoin (BTC) wallet.

The programmer recently shared his concern and worry about the lost password and is keeping the crypto-community up-to-date with the progress. He has confirmed that he has already used 8 out of 10 attempts for accessing the crypto-wallet. The programmer informed that it is not the wallet that he is unable to access, it is his computer hard drive he is unable to access.

The programmer confirmed that all the passwords for the wallets and the keys are stored in the hard drive and he has forgotten the password to it. Now he has only 2 attempts left before he gets completely locked out of the drive and loses his Bitcoin (BTC) forever.

The programmer informed the crypto-community that in the hard drive he has private keys for a large number of Bitcoin (BTC). He informed that he has a total of 7,002 BTC, which at the time of publishing translates into $267 million. But the real problem is that the programmer will only be able to translate them once he gains access to them.

According to the sources, the name of the programmer is Stefan Thomas who possesses a hard drive that is called an IronKey. Thomas has revealed that he has these Bitcoin (BTC) under his possession for a very long time. When he acquired the IronKey, he had the password for the drive written on a piece of paper, which according to him, he lost a year back.

The programmer has informed that if he provides the wrong password in the remaining attempts, it would turn into the unluckiest day of his life. If the remaining password attempts are wrong as well, then the drive will encrypt the content in it forever.

So far, all 8 attempts made by the programmer have gone to waste, and now the entire cryptocurrency community’s hopes are that he somehow manages to access his drive.

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Central Banks Will Not Allow Bitcoin to Go Mainstream, Says Harvard Professor 0 4

Since the beginning of the year 2020, Bitcoin (BTC) has been flying high with respect to its price and market capitalization. There have been many mainstream institutions such as PayPal, MicroStrategy, and MassMutual that have played a huge role in deciding the fate of Bitcoin (BTC).

Although Bitcoin (BTC) had mustered a lot of user-base from the private sector, all it required was input from the mainstream sector. This is when PayPal announced that it was going to integrate Bitcoin (BTC) into its platform.

This worked like a charm for Bitcoin (BTC), and the largest cryptocurrency in the entire world got even bigger. Since then, Bitcoin (BTC) has been constantly gaining mainstream adoption and several institutions from around the world have adopted it.

However, similar to the president of the ECB, there are still many who still do not support the idea of adopting cryptocurrencies and Bitcoin (BTC) altogether.

Bitcoin (BTC) has been facing a lot of resistance and hard times from traditional financial institutions. It is the banks that are currently opposing the idea of Bitcoin (BTC) being dealt with as an asset for savings and investments.

The above speculation has also been confirmed by one of the professors from one of the world-renowned universities “Harvard”. Kenneth Rogoff, who is currently a Professor of Economics at Harvard talked about how the central banks currently perceive Bitcoin (BTC).

Rogoff stated that if people think that Bitcoin (BTC) has started gaining mainstream popularity, then they are mistaken. Despite all the success and attention, Bitcoin (BTC) is still far from gaining real mainstream adoption.

However, Bitcoin (BTC) currently has a very harsh and difficult journey ahead as the central banks from around the world are going to give a very hard time.

He stated that the central banks will not let Bitcoin (BTC) gain mainstream success and adoption. The professor stated that other cryptocurrencies are likely to face the same kind of treatment from the central banks.

He stated that for the time being, the majority of the cryptocurrency industry is unregulated. Many cryptocurrency firms in the industry do not adhere to the regulations that include AML and KYC policies.

For now, it is not possible for cryptocurrencies to be given mainstream status in the economy. The first thing that the governments would do is regulate cryptocurrencies and ensure that the policies are being adhered to.

Once the cryptocurrency regulations are streamlined and adherence is above satisfactory levels, then the cryptocurrencies stand a chance of being given mainstream status.

The words coming from Rogoff hold very high significance as he was one of the former chiefs at the IMF.

Bittrex Exchange Allowed Bitcoin to be Stolen, Claimed by Spanish Customer 0 6

As per the latest reports, the police authorities of the city of Tenerife have been given permission to investigate a case regarding Bittrex. As per sources, permission to look into the matter has been given by the Spanish court. The investigation has been launched by the Spanish court in response to a complaint that was launched by a Spanish Bittrex customer.

In the complaint, the customer has alleged to Bittrex that it was due to the exchange that he ended up losing his Bitcoin (BTC) to a theft. The plaintiff held the exchange responsible for the theft that led him to lose Bitcoin (BTC) that was worth $62,000.

As per sources, the cybercrime unit of the Tenerife police authority is currently investigating the matter. The cybercrime unit has stated that it will soon be sharing its preliminary findings around the matter. Then the police will be able to determine whether the exchange is to be held responsible for any involvement in the matter or not.

However, the plaintiff is continuing to blame the exchange for letting his Bitcoin (BTC) be stolen and taken away by the cybercriminals. He has claimed that the hacker was deliberately granted access to his wallet account on the exchange. As a result, the anonymous hacker was able to make away with around 1.3 Bitcoin (BTC) in the process.

One of the local reporting networks has revealed that the plaintiff himself is a resident of Tenerife city. The person claimed that it was May of 2020 when he had opened up his wallet account on the exchange for Bitcoin (BTC).

The plaintiff claimed that after creating the wallet account, he added 1.3 BTC to the same wallet account. Soon after making the deposit, he realized that his wallet with 1.3 BTC had been emptied and there was no sign of it.

Soon after learning about the theft, the first thing he did was get in touch with Bittrex so he got in touch with their customer support. Although he expected the team to support him, he got told by the customer support team that his account had been victimized by cybercrime.

The claimant also added in the report that he had hired a personal security expert in order to investigate the case. He wanted to get to the bottom of the theft and wanted to find the cybercriminals himself as he received no support from Bittrex.

The security expert hired by the claimant also shared his findings with the Spanish court. According to the report, Bittrex on four different occasions allowed the BTC wallet account to be accessed before the theft was attempted. The investigating expert also confirmed that the breach was observed from four different IP addresses.

All of the IP addresses used to breach the wallet account included Granada, United States, France, and Madrid.

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