Programmer Stefan Thomas is still locked out of an IronKey encrypted USB drive containing the private keys to 7,002 BTC, worth about $777 million at a recent valuation of roughly $111,000 per coin. The bitcoin was originally paid to Thomas in 2011 for producing the educational video “What is Bitcoin?”
The device is configured to permanently lock and erase its contents after 10 incorrect password entries. Thomas has already used eight attempts, leaving only two remaining. According to manufacturer Kingston, there is no backup password or alternative recovery method beyond the original password set by the user.
Thomas has previously sought help from digital forensics firm Naxo and security researcher Chris Tarnovsky. He also turned down Unciphered after saying he had already reached verbal agreements with two separate teams. As of the end of 2025, the IronKey remained stored in a vault in Switzerland, and as of mid-2026 there had been no confirmed recovery.
Programmer Stefan Thomas still controls an IronKey encrypted USB drive that holds the private keys to 7,002 BTC, a stash recently valued at about $777 million based on a price of roughly $111,000 per bitcoin.
The bitcoin was paid to Thomas in 2011 for producing the educational video “What is Bitcoin?”
The IronKey device is set to permanently lock and erase its contents after 10 incorrect password attempts. Thomas has already made eight unsuccessful tries, leaving only two chances remaining.
Kingston, the manufacturer, said there is no backup password or alternate recovery path beyond the original password created by the user.
Thomas has previously sought assistance from digital forensics company Naxo and security researcher Chris Tarnovsky. He also declined Unciphered after saying he had already reached verbal agreements with two teams.
As of the end of 2025, the IronKey was still being kept in a Swiss vault. As of mid-2026, no successful recovery had been confirmed.
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