Max E.Wed, Jan 26, 2022 6:22 PM
Hacker Helped Recover Password With $2 Million in THETA
Stories about crypto investors who forget passwords from their own electronic wallets can end happily. This was proved by the case of the American Dan Reich and his friend. In 2018, they spent $50,000 to buy Theta cryptocurrency.
When they decided to sell the currency, they realized that they forgot the wallet password. A hacker helped friends.
At the time of purchase, the cost of Theta cryptocurrency was only 21 cents. At first, the friends kept money on a crypto exchange in China, but soon, due to the actions of local authorities, they decided to transfer the tokens to the Trezor One hardware wallet. Friends wrote down the PIN code from the wallet on paper.
For several years, Theta cryptocurrency has been constantly getting cheaper, and Americans have lost interest in money in their wallet.
When Reich decided to withdraw the money before it completely depreciated, it turned out that his friend had lost a piece of paper with a password.
The buddies collectively tried to guess which four digits they had chosen as their PIN. Trezor One crypto wallet allows you to make only 16 attempts to enter a password. When they reached the twelfth, Reich and his friend decided to stop.
Unsuccessful investors could forget about the lost password altogether, but by the end of 2020, Theta began to rise in price sharply. By December, there were $400,000 worth of tokens in the wallet, and in 2021 their value has already exceeded $3 million.
For two years in a row, Americans have been desperately looking for a way to open their wallet.Finally, they stumbled across a conference tape from 2018 on the Web, where three experts said they had found a way to hack Trezor One. They found them, but they refused to participate in the break-in. But the knowledge that the wallet could still be hacked gave the friends hope.
As a result, hacker Joe Grand, known under the pseudonym Kingpin, agreed to help crypto investors.
To unlock it, Joe bought several identical wallets and spent three months looking for a solution to the problem. As a result, he could create a script that found the password to Reich's wallet. It turned out that even the number of digits of the PIN-code friends remembered incorrectly. They were trying to remember a four-digit number, and there were five digits in the password.
The received password went to the wallet. By that time the value of the currency had dropped to $2 million.
According to The New York Times, the loss of passwords from electronic wallets is so common that at the beginning of 2022, 20% of all available Bitcoins were stuck on them. The value of the frozen money is about $140 billion.