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A forgotten password cost Logan Paul's brother over $150,000 in the blink of an eye: The Bitcoin dilemma

A forgotten password cost Logan Paul
A forgotten password cost Logan Paul's brother over $150,000 (image Via Sportskeeda)
ANALYST
Modified 20 Feb 2021
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In conversation with Chantel Jeffries on Impaulsive Clips, Logan Paul reveals that his brother, Jake Paul, had lost out on over $150,00 in the blink of an eye.

He revealed that his brother Jake had invested in Bitcoin, but then forgot his password.

Logan Paul stated that his brother used the money he got from his first payment from Vine to buy Bitcoin, when it was valued at $100 a piece, during the early days of the cryptocurrency. Currently, the estimated value of the invested amount would have been a total of $150,000 to $200,000 according to Logan.

Logan Paul stated,

"My brother Jake invested in Bitcoin with his first ever vine cheque. He invested in Bitcoin when it was at like I think a $100. I'm talking like stage one Bitcoin. I think it probably amounted to like $150,000 to $200,000 today but he forgot his password. Do you know there's like billions of dollars in Bitcoin just floating about?"

Much like Logan Paul's brother's lost password, another such case came to light when Stefan Thomas, a German-born programmer, stunned the internet, when he revealed that he had two guesses left to figure out a password. It was needed to access about $220 million worth of bitcoin (which would be worth about $392 million due to the recent rise in value)

The password is needed to unlock a small hard drive, known as an IronKey, which contains the private keys to the digital wallet that holds over 7,000 Bitcoin. Stefan Thomas lost the piece of paper where he had written down the password.

The IronKey allows for no more than 10 guesses before the device encrypts its content forever.

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Logan Paul in conversation with Chantel Jeffries

During the podcast with Logan Paul, Chantel Jeffries shares her experience of investing in Cryptocurrency. Like many others, Chantel was an early adopter and invested a lot of money back in 2017 when one bitcoin was worth a little over $19,000. One bitcoin is presently worth $56,090.

Chantel reveals that she was also an early mover in Dogecoin, she says,

"Well, it's so funny because I'm a big Elon Musk fan as we all know but I honestly just had seen a meme; so there's this meme and it was like, you know the drake meme from hotline bling. Yeah, so it was that meme but with Elon's face with bitcoin and dogecoin. So the day after i invested, Elon tweeted about Dogecoin and it started to blow up."

Chantel Jeffries revealed that she follows her intuition when it comes to investing and is not going to slow down anytime soon. She even shared screenshots of her past holdings on Twitter, with dogecoin being the most recent.

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Barely a week ago, Elon Musk even said that he would "fully support" Dogecoin under the condition that major holders are willing to sell their shares. According to the billionaire, Dogecoin is a cryptocurrency for the people and not for major players.

It's unclear as to why Logan Paul didn't invest in Bitcoin during the early days but it's clearly visible that he regrets his decision. While the Cryptocurrency bubble may be expanding at an uncontrollable rate with fear of bursting, early adopters such as Chantel have very little to worry about.

Published 20 Feb 2021, 19:03 IST
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