A remarkable turn of events saw two hackers crack the forgotten password for a digital bank, which led to the retrieval of Bitcoin (BTC) valued at approximately $2 million.
The Lost Bitcoin Fortune
The following are some of the ways to get in touch with us. reported The story was first told by Wired in 2013, when an anonymous individual, known as “Michael” He stored all of his Bitcoins securely in a digital wallet protected by a password. Sadly, a corrupted RoboForm password manager file caused him to lose access to his wallet over time.
You can also find out more about the DMichael, despite his best efforts, was worried about hacking and refused to store the password on his manager. He accidentally lost his fortune.
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Joe Grand is an electrical engineer who has become a hardware hacker. “Kingpin.” Grand was recognized in 2022 for helping another. cryptocurrency wallet After forgetting his Trezor wallet PIN, the owner recovered digital assets worth $2 million. Grand has been approached by many people since then seeking his assistance, but only selects the projects he works on.
Michael first approached Grand in 2012, asking for help to recover his Bitcoin. Grand turned down the request due to unique issues a software wallet presents.
Michael remained persistent, however, and Grand finally agreed last June to try again, working with another hacker from Germany named Bruno.
The Months Of reverse engineering Grand and Bruno made a breakthrough. The two discovered that the RoboForm software, used by Michael in 2013, had a bug in its pseudo-random numbers generator.
It was a flaw that tied generated passwords with the date and the time of the user’s PC, which made them predictable. The hackers used this knowledge to devise a strategy for cracking passwords.
Michael was unable to remember the date the password had been generated. This was a major obstacle. Grand and Bruno, knowing that Bitcoin was first moved to the wallet on April 14, 2013 were able to configure RoboForm so it would generate passwords in a specified time period, using the parameters set by Michael.
The Forgotten to the Found
Grand and Bruno continued to try despite the initial failures. They adjusted parameters, time frames, and other factors until they found success. On November 15, 2023, they discovered the correct password—20 characters long and generated on May 15, 2013. Michael finally had the long-lost Bitcoin Treasure in his hands.
But the report does note that Michael’s recovery is a cause for concern. password securityThis is especially important for those who have generated their passwords with earlier versions of RoboForm.
Siber Systems, which is the maker of RoboForm claims that the bug was fixed in 2015. But questions still remain regarding the security of old passwords. Grand says it is important to understand the changes made in password generation.
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Michael was lucky to have his Bitcoins back. Waiting for Bitcoin’s value to increase, he sold a small portion of the newfound money. Michael anticipates even more gains as his 30 BTC is currently valued at $3.5 million. $100,000 per coin.
The largest cryptocurrency in the world is currently trading at $68,200. It has been consolidating over the last week, below the crucial $70,000 threshold, which is critical to BTC’s upward trend prospects.
Featured Image from Shutterstock. Chart by TradingView.com
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Source: www.newsbtc.com