{"id":436693,"date":"2020-08-31T00:01:35","date_gmt":"2020-08-31T00:01:35","guid":{"rendered":"https:\/\/wncen.com\/?p=436693"},"modified":"2024-06-11T11:34:51","modified_gmt":"2024-06-11T11:34:51","slug":"hackers-bitcoin-wallet-exploit","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/hackers-bitcoin-wallet-exploit\/","title":{"rendered":"Hackers Nab $16 Million In BTC Through Bitcoin Wallet Exploit"},"content":{"rendered":"<p class=\"p1\">A long-time holder was unfortunately taken for their 1,400 BTC &#8211; over $16 million worth of<a href=\"\/tag\/bitcoin\" rel=\"nofollow\"> Bitcoin<\/a> &#8211; in a wallet exploit. But how were hackers able to make off with this user\u2019s cryptocurrency? And what can others do to avoid the same situation from happening to them?<\/p>\n<h2 class=\"p1\">Crypto Crime Takes A Bow But Is Just As Active Behind The Curtain<\/h2>\n<p class=\"p1\">Due to the lowered frequency and severity of big crypto exchange hacks compared to the past, <a href=\"https:\/\/wncen.com\/2020\/07\/16\/common-bitcoin-scams-how-to-avoid-them\/\">Bitcoin-related hacks<\/a> have since cooled off in the media.<\/p>\n<p class=\"p1\">Phishing attempts, ransomware, and SIM-card hacks are just three examples of <a href=\"https:\/\/wncen.com\/2020\/07\/16\/common-bitcoin-scams-how-to-avoid-them\/\">crypto-related crime<\/a> that isn\u2019t widely covered.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/08\/20\/dangers-of-defi-hype-surface-following-one-hour-crypto-scam\/\">Dangers of DeFi Hype Surface Following One-Hour Crypto Scam<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">It wasn\u2019t until recently when <a href=\"https:\/\/wncen.com\/2020\/07\/31\/official-apple-twitters-tweet-bitcoin\/\">several high profile Twitter<\/a> accounts of celebrities, politicians, and company CEOs were hacked as part of a phony Bitcoin giveaway scam.<\/p>\n<p class=\"p1\">Hacks are commonplace in crypto, but it is only when there\u2019s something of significance attached does it make the news. And a new hack uncovered involving over $16 million in stolen BTC could be the next headlining story to make it to publishing.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"size-large wp-image-436724 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-btcusd-.png?fit=860%2C860\" alt=\"bitcoin btcusd\" loading=\"lazy\"><\/p>\n<pre style=\"text-align: center\">BTCUSD 1400 BTC = Roughly $16,000,000 USD | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<h2 class=\"p1\">How Hackers Were Able To Steal 1400 Bitcoin, Over $16 Million In USD Value<\/h2>\n<p class=\"p1\">According to the appropriately named GitHub user \u20181400BitcoinStolen,\u2019 the enormous sum of BTC matching his username is now gone in part of a hack involving the Bitcoin wallet Electrum.<\/p>\n<p class=\"p1\">The fault is not of Electrum\u2019s nor really the user\u2019s, but it does put a spotlight on the importance of two key issues.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/G4gPwa7pxw\" rel=\"nofollow\">pic.twitter.com\/G4gPwa7pxw<\/a><\/p>\n<p>&mdash; Ben Verret (@verretor) <a href=\"https:\/\/twitter.com\/verretor\/status\/66911233?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 30, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\">The user utilized Electrum software from the last time they accessed their BTC in 2017. Electrum has since issued security updates that this user hasn\u2019t yet installed.<\/p>\n<p class=\"p1\">Before they could move their Bitcoin, they were prompted to update and patch potentially critical issues. But when they did, the software contacted the hacker\u2019s server using an exploit that the real security update would have likely prevented. 1400 BTC was immediately emptied from the wallet and into the hacker\u2019s &#8211; a somber reminder to always keep software up to date.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/07\/16\/common-bitcoin-scams-how-to-avoid-them\/\">The Most Common Bitcoin Scams And How To Avoid Them<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">Because Electrum is a \u201clight client\u201d software engineer Ben Kaufman explains <a href=\"https:\/\/twitter.com\/_benkaufman\/status\/30352897\" target=\"_blank\" rel=\"noopener nofollow\">in a deeper Twitter thread on the subject<\/a> that this means the software must connect to a public server before it is then be connected to the blockchain.<\/p>\n<p class=\"p1\">It\u2019s this trusted third-party acting as a middle man where hackers were able to exploit the process &#8211; the other key reminder to never trust third-parties with your private keys.<\/p>\n<p class=\"p1\">This unfortunate user likely can\u2019t get their funds back, but others have been luckier. For those that experience this issue and act fast enough can potentially \u201cdouble-spend\u201d over the transaction if the hacker used a low enough fee.<\/p>\n<p class=\"p1\">For everyone else, let this be a reminder to keep your software up to date and to rely on cold storage methods whenever possible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A long-time holder was unfortunately taken for their 1,400 BTC &#8211; over $16 million worth of Bitcoin &#8211; in a wallet exploit. But how were hackers able to make off with this user\u2019s cryptocurrency? And what can others do to avoid the same situation from happening to them? Crypto Crime Takes A Bow But Is Just As Active Behind The Curtain Due to the lowered frequency and severity of big crypto exchange hacks compared to the past, Bitcoin-related hacks have since cooled off in the media. Phishing attempts, ransomware, and SIM-card hacks are just three examples of crypto-related crime that isn\u2019t widely covered. Related Reading | Dangers of DeFi Hype Surface Following One-Hour Crypto Scam It wasn\u2019t until recently when several high profile Twitter accounts of celebrities, politicians, and company CEOs were hacked as part of a phony Bitcoin giveaway scam. Hacks are commonplace in crypto, but it is only when there\u2019s something of significance attached does it make the news. And a new hack uncovered involving over $16 million in stolen BTC could be the next headlining story to make it to publishing. BTCUSD 1400 BTC = Roughly $16,000,000 USD | Source: TradingView How Hackers Were Able To Steal 1400 Bitcoin, Over $16 Million In USD Value According to the appropriately named GitHub user \u20181400BitcoinStolen,\u2019 the enormous sum of BTC matching his username is now gone in part of a hack involving the Bitcoin wallet Electrum. The fault is not of Electrum\u2019s nor really the user\u2019s, but it does put a spotlight on the importance of two key issues. pic.twitter.com\/G4gPwa7pxw &mdash; Ben Verret (@verretor) August 30, 2020 The user utilized Electrum software from the last time they accessed their BTC in 2017. Electrum has since issued security updates that this user hasn\u2019t yet installed. Before they could move their Bitcoin, they were prompted to update and patch potentially critical issues. But when they did, the software contacted the hacker\u2019s server using an exploit that the real security update would have likely prevented. 1400 BTC was immediately emptied from the wallet and into the hacker\u2019s &#8211; a somber reminder to always keep software up to date. Related Reading | The Most Common Bitcoin Scams And How To Avoid Them Because Electrum is a \u201clight client\u201d software engineer Ben Kaufman explains in a deeper Twitter thread on the subject that this means the software must connect to a public server before it is then be connected to the blockchain. It\u2019s this trusted third-party acting as a middle man where hackers were able to exploit the process &#8211; the other key reminder to never trust third-parties with your private keys. This unfortunate user likely can\u2019t get their funds back, but others have been luckier. For those that experience this issue and act fast enough can potentially \u201cdouble-spend\u201d over the transaction if the hacker used a low enough fee. For everyone else, let this be a reminder to keep your software up to date and to rely on cold storage methods whenever possible.<\/p>\n","protected":false},"author":517,"featured_media":436723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,1144,78790,6664,1899,7672,2276,4524,76835],"class_list":["post-436693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-electrum","tag-github","tag-hack","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Hackers Nab $16 Million In BTC Through Bitcoin Wallet Exploit<\/title>\n<meta name=\"description\" content=\"A long-time holder was unfortunately taken for their 1,400 BTC - over $16 million worth of Bitcoin - in a wallet exploit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/hackers-bitcoin-wallet-exploit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hackers Nab $16 Million In BTC Through Bitcoin Wallet Exploit\" \/>\n<meta property=\"og:description\" content=\"A long-time holder was unfortunately taken for their 1,400 BTC - over $16 million worth of Bitcoin - in a wallet exploit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/hackers-bitcoin-wallet-exploit\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-31T00:01:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T11:34:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/bitcoin-btcusd-hack-walletDepositphotos_68230681_xl-2015-scaled.jpg?fit=2560%2C1709\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1709\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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