Have you heard the story of Stefan Thomas? This guy might be one of the most tragic figures in the crypto world. In 2011, Stefan Thomas received 7,002 bitcoins as payment after making an animated video. Back then, Bitcoin wasn’t really on anyone’s radar, and he probably didn’t expect how much that money would end up being worth.

For safety, Stefan Thomas stored these bitcoins in an IronKey—at the time, a widely recognized as the most secure encrypted hardware wallet. In theory, that was the smartest choice. But this guy made a fatal mistake: he wrote the password on paper, and then… lost it.

The scariest part is still coming. The IronKey device has a special mechanism that only allows 10 password tries. After more than 10 tries, it automatically destroys all the data inside, making it permanently unrecoverable. Stefan Thomas has already used 8 tries, which means he now has only 2 tries left. Two!

How much is that money worth now? About $530 million. Yes, $530 million. And Stefan Thomas is trapped in a situation he can’t escape—between two password tries and a fortune he might lose forever. This story has become one of the most famous warning cases in the crypto community, reminding everyone of the importance of properly safeguarding passwords.