Researchers Successfully Retrieve $3 Million Worth of Lost Bitcoin by Hacking an 11-Year-Old Crypto Wallet

Headline: Hackers Unearth $3 Million Bitcoin Stash in Ancient Password Manager

Introduction:
In a stunning turn of events, a group of researchers stumbled upon a digital goldmine – a crypto-wallet overflowing with an astounding $3 million worth of Bitcoin! Their secret weapon? A brilliant exploit of an unlikely target – an outdated version of a password manager program. But how did this remarkable treasure hunt unfold?

The Cry for Assistance:
Two years ago, a European Bitcoin holder known as “Michael” reached out to hardware hacker Joe Grand for help in hacking his Bitcoin wallet, which contained millions of dollars’ worth of BTC. Michael had diligently safeguarded his crypto in a virtual wallet with a 20-character password generated by RoboForm and encrypted with TrueCrypt. Unfortunately, the file was damaged, and access was lost.

Initial Doubts Dispelled:
Initially, Grand was reluctant, as he believed his expertise in hardware devices was irrelevant to a software wallet. However, Michael somehow managed to persuade both Grand and his hacker acquaintance, Bruno, to take on the project.

Cracking the Enigma:
Both researchers reverted to the 2013 version of RoboForm and discovered that the pseudo-random number generator (PRNG) connected passwords with the date and time. Armed with this knowledge, they adjusted their computer’s date and time to 2013 and embarked on multiple attempts to generate the correct password. Eventually, their perseverance paid off, and they successfully cracked the code.

Unearthing Fortune:
This breakthrough not only provided a solution to a technical problem but also yielded a windfall for Michael. After Bitcoin’s value soared, his initial investment of approximately $5,300 in 2013 multiplied exponentially. Following the recovery, Michael sold some of his Bitcoin at $62,000 and currently holds 30 BTC, equivalent to around $3 million today.

Valuable Lessons Learned:
RoboForm, developed by Siber Systems, addressed this vulnerability in one of its updates in 2015. Nevertheless, this story serves as a poignant reminder of the importance of keeping software up to date to avoid security vulnerabilities. Joe Grand emphasized that their success was a combination of skill and luck, stating, “We were indeed fortunate that our parameters and time period coincided to give us success.” Michael sees his experience as fortunate, as losing access to his wallet prevented him from selling his Bitcoin prematurely, resulting in millions of dollars in value today.

Also Check Out:
Crypto Hack Report This Week: Analyzing Recent DeFi Hacks and Security Breaches

Tags:
Hack