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Chipotle invites users to unlock $100,000 in Bitcoin

On April 1, Chipotle Mexican Grill will allows users to relive the tragic story of former Ripple CTO Stefan Thomas who lost access to 7,002 BTC.

Chipotle invites users to unlock $100,000 in Bitcoin

Photo by Hanna Balan on Unsplash

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On April 1, the American chain of fast-food restaurants, Chipotle Mexican Grill will celebrate National Burrito Day by giving away $100,000 worth of Bitcoin, according to a press release published today.

โ€œNational Burrito Day is a huge moment for Chipotle,โ€ said Chris Brandt, Chipotle chief marketing officer, adding, โ€œWe’re always looking for unique ways to enhance the celebration, and this year, we’re giving fans the opportunity to acquire two highly valuable assets: Burritos or Bitcoin.โ€

On Thursday, Chipotle will launch a special website, dubbed โ€œBurritos or Bitcoin,โ€ where users will be offered 10 tries to guess a valid six-digit password. If successful, contestants could win one of the three main prizes that amount to $25,000 in Bitcoin each. Another 50 winners will receive $500 worth of BTC each.

The tragic story of 7,002 lost BTC

Per the release, the contest was inspired by the story of former Ripple CTO Stefan Thomas, who is also the founder and CEO of web content monetization platform Coil and a co-creator of blockchain payments protocol Interledger.

Thomas became famous earlier this year when several major mainstream media outlets published numerous articles about him losing access to 7,002 BTCโ€”that are worth over $413 million at todayโ€™s prices. This is because Thomasโ€™s private Bitcoin key is locked on an encrypted flash drive, called IronKey, and he doesnโ€™t remember the password to open it.

To make matters even worse, the IronKey drive gives users only 10 tries to enter the correct passwordโ€”and locks forever if none of them succeed. In mid-January, Thomas had only two tries left.

In homage to the tragic story of Thomasโ€™s (most likely) lost Bitcoins, Chipotleโ€™s contest will emulate this situation, albeit with much less money being at stake. Chipotle explained:

โ€œIn a playful ode to Thomas’s experience losing the login to his hard drive that stored $387 million in Bitcoin, Chipotle is encouraging fans to carry out a mock โ€˜chiptocurrencyโ€™ rescue mission and crack the code on its digital wallet.”

The company added that apart from $100,000 in Bitcoin, another 10,000 users will be able to win a free burrito. Otherwise, what kind of National Burrito Day that would be?

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