David Schwartz, the chief technical officer of Ripple, has discussed how regained access into his six figures worth of Bitcoin (BTC) after seven years, unlike Former Ripple CTO who is left with two attempts before he completely loses access to his 7,002 BTC.
Schwartz told his story in a new Quora thread. According to Schwartz, the incident happened about ten years ago when Bitcoin was worth around $20.
Ripple CTO said he created an account with a crypto casino and deposited 8 BTC to gamble, a Bitcoin stash that is now worth $294,856 at the time of filing this report.
Back then, Schwartz did not enjoy the casino, he left the BTC in the account for about seven years.
He later realized that his casino fund had greatly appreciated. Although he knew he hadn’t gambled with the funds for seven years, he still went back in search of his abandoned BTC.
At first, the CTO could not remember the name of the casino and spent some time searching the internet to no avail.
After he recovered the actual name of the casino, he also found an old email connected to the account, which was followed by initiating the password recovery procedure.
The procedure was successful. Ripple CTO found and withdrew a total of 7.5 BTC he found in the abandoned account.
Schwartz was lucky to tell his BTC recovery story, most Bitcoin holders who had similar experience are now languishing for losing their large troves of BTC forever.
David Schwartz’s Take on Stefan Thomas’s Saga
The current trending person who has made several unfruitful attempts to recover his large troves of Bitcoin is the former Ripple CTO, Stefan Thomas.
According to Thomas, he owns a wallet holding 7,002 BTC, but the private keys needed to gain access are missing. He now has two more attempts to unlock his IronKey wallet before he’s locked out forever.
David Schwartz noted:
“This was a time when Bitcoin was worth a tiny fraction of a dollar so [Thomas] would create unspent outputs with ‘1.0’ Bitcoin… He likely created hundreds of such accounts, none of which he retained the keys for.”
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