Cryptocurrency recovery firm Unciphered extended an offer to Stefan Thomas, the former CTO of Ripple (CRYPTO: XRP), proposing to unlock his Bitcoin (CRYPTO: BTC) hard drive, which is believed to hold an estimated $244 million worth of cryptocurrency.

What Happened: In an open letter, Unciphered introduced itself as a company founded to address the prevalent issue faced by early crypto enthusiasts, encapsulated by the phrase, "Not your Keys, Not your Coins."

Challenging this notion, the firm expressed its belief in more than just the ability to solve mathematical equations when it comes to property rights and ownership.

The company, which boasts a team of reverse engineers and cryptographers, claims it can break into the highly secure hardware.

They specifically mentioned the difficulty of hacking into devices like Thomas's IronKey, which is rated for FIPS-140-2 level 3, a security level often associated with safeguarding sensitive government information.

Describing their journey as "Project Everest", Unciphered detailed the intricate process of understanding the device's workings.

Also Read: Crypto Custody Provider Atato Confirms Integration With Cronos Chain, XRP Ledger

Why It Matters: The methodology encompasses reverse engineering inter-chip communication protocols, firmware, and cryptographic implementation details.

The firm's intensive examination led them to discover a vulnerability, enabling them to access the device. To ensure the consistency and repeatability of the hack, Unciphered's team practiced it multiple times.

Collaborating with Andy Greenberg from Wired, Unciphered successfully hacked into Iron Keys initialized and locked by the journalist.

Highlighting their proven track record with partners and media outlets, Unciphered expressed confidence in their ability to retrieve the locked funds and invited Thomas to witness a demonstration.

The narrative underscores the broader issue in the crypto world. As of 2022, estimates suggested that nearly 20% of Bitcoin's supply, translating to billions of dollars, remained inaccessible to users due to lost access.

Read Next: SEC Chief Affirms Crypto As Securities, Cites 'Fraud, Scams, Bankruptcies'

Join Benzinga's Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!