Bitcoin (BTC) Hackers Recover $3M from 11-Year-Old Wallet After Owner’s Password Mishap: Report

  • Two hackers reportedly cracked the forgotten password of a digital wallet containing a treasure trove of Bitcoin (BTC).
  • In 2013, a cryptocurrency owner who goes by the alias “Michael” stored his Bitcoin holdings in a password-protected digital wallet.
  • Michael’s password was stored in an encrypted file that later got corrupted, leaving him unable to access the wallet and 43.6 BTC, which was worth $5,300 at the time.

Discover how two hackers successfully cracked a forgotten Bitcoin wallet password, unlocking millions in cryptocurrency. Learn about the challenges they faced and the techniques they used.

Hackers Crack Forgotten Bitcoin Wallet Password

In a remarkable turn of events, two hackers managed to crack the forgotten password of a digital wallet containing a significant amount of Bitcoin. The wallet, owned by a cryptocurrency enthusiast known only as “Michael,” had been inaccessible for years due to a corrupted encrypted file. The wallet held 43.6 BTC, which was worth $5,300 at the time of its creation in 2013.

The Challenge of a Corrupted Encrypted File

Michael’s predicament began when the encrypted file storing his wallet password became corrupted. Despite consulting with cryptography experts, he was told that retrieving his assets was impossible without the password. Enter Grand and Bruno, two digital wallet hackers who decided to take on the challenge. They spent months reverse-engineering the RoboForm password program that Michael had used, discovering that the supposedly random passwords generated by the tool were actually tied to the computer’s date and time.

Reconstructing the Password

Armed with the knowledge that the password generation was not truly random, Grand and Bruno focused on the time when Michael created the password and the parameters he used. They knew that Michael had moved Bitcoin into his wallet for the first time on April 14, 2013, and that two other passwords generated with RoboForm in 2013 did not use special characters. After months of painstaking work, they finally cracked the password in November. It was generated on May 15, 2013, at 4:10:40 PM GMT and contained no special characters.

The Moment of Success

Grand and Bruno’s success was a combination of skill and luck. As Grand stated, “We ultimately got lucky that our parameters and time range were right. If either of those were wrong, we would have continued to take guesses/shots in the dark. It would have taken significantly longer to precompute all the possible passwords.” When Michael regained access to his wallet, Bitcoin was worth $38,000. He waited until the price rose to $62,000 before selling some of his assets. He now holds 30 BTC, currently valued at over $2 million.

Conclusion

This story highlights the challenges and complexities of digital asset security. While Michael’s tale had a happy ending, it serves as a cautionary reminder of the importance of secure and accessible password management. As the value of cryptocurrencies continues to rise, ensuring the security of digital wallets is more critical than ever.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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