Bitcoin
Hackers Finally Unlock $3 Million Bitcoin Wallet After Man Forgot Password for 11 Years
A team of hackers has finally unlocked a $3 million Bitcoin wallet after a man forgot his password for 11 years.
What I mean to say, forgetting your password It’s certainly a pain, but it’s usually not the end of the world.
But forgetting your password for a whopping $3 million Bitcoin portfolio? Well, that’s pretty devastating.
Fortunately, however, security researchers cracked a password to recover the massive amounts of money after being trapped in the crypto wallet for 11 years.
Would you like to make sure you never forget the password to a $3 million wallet? (Getty Stock Photo)
Electrical engineer Joe Grand, who goes by the name ‘Kingpin’ online, was hired to hack an encrypted file containing 43.6 BTC.
The high value of cryptocurrency it was protected by a password created by a random password generator called Roboform – but the password had already been lost.
The anonymous owner feared someone would hack his computer and obtain his password – ultimately gaining access to his cryptocurrency.
“At the [that] time, I was really paranoid about my safety,” he said.
So the owner turned to Grand for help, after he became well-known in the community in 2021 for helping another crypto owner regain access to over $2 million worth of cryptocurrency he thought he had lost forever.
Grand says dozens of people have already contacted him to ask for help recovering lost treasures.
Joe Grand to the rescue. (YouTube/Joe Grand)
However, Grand decided to turn down many of them for various reasons, but decided to help this particular anonymous owner in his search.
On a YouTube video published by Grand, the owner of the wallet said: “I generated the password, copied it, put it in the wallet password and also in a text file that I then encrypted.”
At the time the owner lost access to the account, the value of Bitcoin was between $3,000 and $4,000.
But as the price of bitcoin rose more than 20,000%, the owner decided to contact Grand.
Thus, Grand used a tool developed by the US National Security Agency (NSA) to dismantle the password generator code.
He said: “In a perfect world, when you generate a password with a password generator, you would expect to get unique, random output each time that no one else has.
“[But] in this version of RoboForm, that was not the case.
“Although RoboForm passwords appear to be randomly generated, they are not. With older versions of this software, if we can control the time, we can control the password.”
Grand managed to trick the system by changing the time to 2013 when the password was generated, and after a few failed attempts, this ended up resulting in the same password being recreated.
The hacking expert then worked with his colleague Bruno to generate millions of potential passwords.
He finally managed to crack the code – which Grand told Wired was “ultimately luck.”
“Ultimately, we were lucky because our parameters and time frame were correct. If any of them were wrong, we would have…continued to make assumptions/shots in the dark.” he counted them in an email.
Featured image credit: YouTube/Joe Grand
Topics: Cryptocurrency, Bitcoin, Technology, Money
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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