Researchers Crack $3 Million Crypto Wallet Using 11-Year-Old Roboform Vulnerability
A team of researchers has made an astonishing discovery by hacking into an outdated version of the RoboForm password manager program. Their efforts led to the recovery of a crypto-wallet containing $3 million worth of Bitcoin.
The story began two years ago when a European Bitcoin holder known as “Michael” reached out to hardware hacker Joe Grand for assistance. Michael had lost access to his virtual wallet, which held millions of dollars’ worth of BTC. The password for the wallet, consisting of twenty characters and encrypted with TrueCrypt, had been generated by RoboForm.
Initially, Grand was hesitant to help, as his expertise lay in hardware devices rather than software wallets. However, Michael managed to convince both Grand and his hacker acquaintance, Bruno, to take on the project.
The researchers decided to downgrade to a version of RoboForm from 2013 and discovered that the password generator was connected to the date and time. Armed with this knowledge, they adjusted the computer’s date and time to 2013 and made multiple attempts until they successfully generated the correct password.
Not only did this solve a technical problem, but it also proved to be a lucrative endeavor for Michael. As the price of Bitcoin soared over the years, his investment grew significantly. After recovering his wallet, Michael sold some Bitcoin at a price of $62,000 per coin. He currently holds 30 BTC, which is valued at approximately $3 million today.
This incident highlights the importance of regularly updating software and passwords. While RoboForm addressed the issue with an update in 2015, users who neglect to update their passwords may face similar challenges.
Joe Grand emphasized the element of luck and skill that contributed to their success. “We were indeed fortunate that our parameters and time period coincided to give us success,” he remarked.
Michael considers himself fortunate as well, as losing access to his wallet prevented him from selling his Bitcoin too early. Now, his investment is worth millions of dollars.
This remarkable story serves as a reminder of the potential rewards and risks associated with the world of cryptocurrency.