Unciphered Offers Lifeline to Ex-Ripple CTO to Unlock 7,002 BTC

Stefan Thomas, the former Chief Technology Officer (CTO) at Ripple, finds himself in a digital treasure hunt, as 7,002 bitcoins valued at a staggering $244 million remain locked away in his IronKey hard drive. The predicament stems from a misplaced password, an error that has left Thomas with just two remaining attempts to unlock his crypto fortune.

Back in 2011, Thomas received these bitcoins as compensation for creating an educational video about Bitcoin. Unfortunately, he lost the access code later that same year. The encrypted USB device, known as IronKey, permits a mere ten attempts to input the correct password before it permanently encrypts its contents. With eight failed attempts under his belt, the pressure is mounting.

Enter Unciphered, a crypto security specialist firm, which has thrown Thomas a potential lifeline. In an open letter dated October 25, the firm asserted its technical prowess, claiming the ability to outsmart the IronKey device and assist Thomas in reclaiming his bitcoin wealth. This dramatic scenario has captivated public attention since a 2021 New York Times article shed light on Thomas’s predicament.

Boasting a successful track record, Unciphered revealed it had previously recovered data from an IronKey device similar to Thomas’s and had accomplished this feat for Wired, a digital culture publication. Their “secret cracking technique” allowed them to surpass the standard ten-attempt limit over a period of months. This feat was achieved by Project Everest, a team assembled by Unciphered, comprising approximately ten members, including staff and external advisors. Notably, several team members have backgrounds at the National Security Agency or other high-profile government entities.

Despite this impressive offer of help, Thomas has so far declined Unciphered’s assistance, according to Wired. He is reported to have already struck deals with two other cracking teams, cybersecurity firm Naxo and independent researcher Chris Tarnovsky, promising them rewards for unlocking the drive. However, the progress of these teams remains uncertain, and Tarnovsky is reportedly awaiting payment from Thomas to continue his efforts.

Unciphered is maintaining confidentiality regarding their research methods and specific techniques used to bypass the IronKey’s guess limit, citing the potential risks associated with exposing such vulnerabilities. They highlight that outdated IronKey models like Thomas’s can’t be updated and may still contain sensitive data, necessitating this veil of secrecy.