Omg, I know that I'm not a big target, but I think it's a good time for me to put 2-factor authentication.
These guys doing smarter hustles each day.
Topic: An investor lost $24 million worth of bitcoin - page 2. (Read 1025 times)
Such a huge amount of bitcoin should not be stored in a single online wallet. We all know that everything in the internet can be hacked and can be easily stolen. Such a pity to this man. I hope this doesn't happen to him again or to anyone else.
And I hope karma hits them with a great bang!
There is a need to secure the funds with this kind of situation a huge amount of bitcoin lost. Exactly when you stored btc in an online wallet it can possibly be hack so we should be careful and must find the best wallet to store our assets. Securing btc is very significant to protect our money. And I hope karma hits them with a great bang!
I would choose a safer hardware wallet if I have assets of up to thousands of BTC like that, I'm sorry. That hurts so much, assets disappear when prices reach the top. That's a very big fund. Some time ago I also lost 0.03BTC, not too big when compared to the news on this topic, it seems to use the same model because I also use an email verification code and mobile number. Ah, hackers who are truly beloved, don't you know that making people sad is a cruel act?
Such a huge amount of bitcoin should not be stored in a single online wallet. We all know that everything in the internet can be hacked and can be easily stolen. Such a pity to this man. I hope this doesn't happen to him again or to anyone else.
And I hope karma hits them with a great bang!
And I hope karma hits them with a great bang!
A Crypto investor Michael Terpin lost roughly 1,5oo bitcoins on January 7, 2018, after falling victim to a SIM swap attack, The Wall Street Journal reported.
The bitcoin stake was worth $24 million that day, roughly three weeks after the asset hit its record high price.
The incredibly precise hack involves thieves taking control of a phone number and using it to access email accounts, bank reserves, and even crypto wallets.
Visit the Business Insider homepage for more stories.
One crypto investor lost bitcoin worth as much as $24 million after falling victim to a new kind of hack known as SIM swapping, The Wall Street Journal reported.
Michael Terpin was hit by the attack on January 7, 2018, days after bitcoin reached its record high price. Thieves stole roughly 1,500 bitcoins by taking control of his phone number and using Google's "Forgot password?" feature to gain access to his email. With possession of the two personal accounts, the thieves hacked Terpin's crypto wallet, stole the digital assets and quickly sold them, according to WSJ.
Bitcoin traded between $16,969 and $15,790 per coin on January 7, 2018. The digital coin now trades at roughly $8,700.
Source:
Wall Street journal
In my opinion lots of people lose their assets in such a silly to my mind way being too self-confident. Lots of people think that they will never face a problem of such kind, that their assets will never be stolen or their wallets or gadgets will never be attacked because noone knows about their amounts of coins, and that they are too inconspicuous for others. I think that it is better to keep your assets on cold wallets and remember that protection of your assets depends on yourself only.
A Crypto investor Michael Terpin lost roughly 1,5oo bitcoins on January 7, 2018, after falling victim to a SIM swap attack, The Wall Street Journal reported.
The bitcoin stake was worth $24 million that day, roughly three weeks after the asset hit its record high price.
The incredibly precise hack involves thieves taking control of a phone number and using it to access email accounts, bank reserves, and even crypto wallets.
Visit the Business Insider homepage for more stories.
One crypto investor lost bitcoin worth as much as $24 million after falling victim to a new kind of hack known as SIM swapping, The Wall Street Journal reported.
Michael Terpin was hit by the attack on January 7, 2018, days after bitcoin reached its record high price. Thieves stole roughly 1,500 bitcoins by taking control of his phone number and using Google's "Forgot password?" feature to gain access to his email. With possession of the two personal accounts, the thieves hacked Terpin's crypto wallet, stole the digital assets and quickly sold them, according to WSJ.
Bitcoin traded between $16,969 and $15,790 per coin on January 7, 2018. The digital coin now trades at roughly $8,700.
Source:
Wall Street journal
I can't leave such quantity of bitcoin in a single bitcoin wallet that is not a secured hardware wallet. I won't be able to sleep over the worries. It's a life time terrible experience that shouldn't happen to anyone.
The problem with SIM swapping is that any security measures they have in place is easily bypassed. There is no standardized method to verify the user, and the methods they do use can easily be spoofed, and that's why it's so easy to bypass with a simple social engineering trick.
Sometimes the telecom employee is just doing their job and ask the simple questions which are so easy to answer. It also happens with domain names and registrars.
They should have better security questions or completely random answers much like second or third passwords and maybe time based OTP 2FA codes, or backup codes. These things the user must set up, but then again, a lot of people don't bother.
Sad fact which the things you have said is the painful truth where most people doesnt really bother when it comes to enhancing security.Sometimes the telecom employee is just doing their job and ask the simple questions which are so easy to answer. It also happens with domain names and registrars.
They should have better security questions or completely random answers much like second or third passwords and maybe time based OTP 2FA codes, or backup codes. These things the user must set up, but then again, a lot of people don't bother.
They would just only realize when they do lost up money bigtime.People never ever learn and too careless with their assets.I can even say
that being too paranoid on security matters is much more better rather than to those who doesnt even care.
The OP didnt nail the subject of its message, what is to be learnt from the article? How to prevent such loss for every post reader. It is up to 2 years of the loss and posted article, so its not as new. Any new member or investor must understand the need to know how to protect his portfolio before the need to make profit. It could be a risky misplaced of priority for any member that is entering the space at the moment, sadly everyone is vulnerable to this
While all of us are vulnerable to be hacked not all of us are of interest to them, a personal holding 24 millions has by far a lot more to fear than someone holding one dollar worth of bitcoin, it is important to recognize that fact and it is also important to take the right measures to prevent this to happen and one of the easiest ways is to use a hardware wallet and to keep those coins offline so no hacker can get access to them through the Internet. 
The problem with SIM swapping is that any security measures they have in place is easily bypassed. There is no standardized method to verify the user, and the methods they do use can easily be spoofed, and that's why it's so easy to bypass with a simple social engineering trick.
Sometimes the telecom employee is just doing their job and ask the simple questions which are so easy to answer. It also happens with domain names and registrars.
They should have better security questions or completely random answers much like second or third passwords and maybe time based OTP 2FA codes, or backup codes. These things the user must set up, but then again, a lot of people don't bother.
Sometimes the telecom employee is just doing their job and ask the simple questions which are so easy to answer. It also happens with domain names and registrars.
They should have better security questions or completely random answers much like second or third passwords and maybe time based OTP 2FA codes, or backup codes. These things the user must set up, but then again, a lot of people don't bother.
not sure if its the OPs guy, but didnt att just get sued and the guy won against losing bitcoin with a sim swap?
i know for a fact, my carrier, makes you go in a store and show id and have a code that the CS guy gives you to get a new sim.. its sort of a PITA, but i understand why.
i know for a fact, my carrier, makes you go in a store and show id and have a code that the CS guy gives you to get a new sim.. its sort of a PITA, but i understand why.
Misfortune for someone is a lesson for others, SIM swap attack is an old hacker trick, thus we can't really put too many funds in one place, even for a bank account.
Bitcoin is one of the best ways to transfer funds all over the world which becomes a good option for hackers to steal money and move it to another side of the globe, divide into some addresses, use the mixer or otc transaction to cover the track.
Bitcoin is one of the best ways to transfer funds all over the world which becomes a good option for hackers to steal money and move it to another side of the globe, divide into some addresses, use the mixer or otc transaction to cover the track.
Such a story will be repeated many more times. People will make many mistakes and just rash actions in cryptocurrency, which will lead to huge financial losses. Therefore, many will be disappointed and leave the cryptocurrency. Yes, unfortunately, cryptocurrency poses a huge risk to inept users.
This isn't a good experience for an investor, which I think there's a serious reason why it happened losing such big amount of money. Having $24 million as capital investment was emotionally a deep struggle, and suddenly lost in a one time shoot of investing. I guess it needs time to move on for this and treat this as a big lesson not to risk money without certain knowledge about what sector you're part with.
Sometimes people accept more risk than they can take, make wrong decisions and overestimate their limits and possibilities, sometimes they are just reckless and don't know or don't care enough about safety and security. Such loss is bery expensive but also very efficient school if the lesson is learned.
Such a story will be repeated many more times. People will make many mistakes and just rash actions in cryptocurrency, which will lead to huge financial losses. Therefore, many will be disappointed and leave the cryptocurrency. Yes, unfortunately, cryptocurrency poses a huge risk to inept users.
The OP didnt nail the subject of its message, what is to be learnt from the article? How to prevent such loss for every post reader. It is up to 2 years of the loss and posted article, so its not as new. Any new member or investor must understand the need to know how to protect his portfolio before the need to make profit. It could be a risky misplaced of priority for any member that is entering the space at the moment, sadly everyone is vulnerable to this
I remember in the beginning of 2018 a lot of US cryptocurrency holders learned the news that they had to pay huge amounts on taxes.
I also remember quite a few claiming they got hacked same time.
Perhaps I'm wrong but I doubt that anyone has millions of dollars active on his mobile phone.
I also remember quite a few claiming they got hacked same time.
Perhaps I'm wrong but I doubt that anyone has millions of dollars active on his mobile phone.
You don't even really need a hardware wallet. A wallet on their computer or mobile device used only for the purpose of storing coins would suffice. But with any amount above several thousand dollars, why not go get a hardware wallet too.
^ Definitely right, purchasing a little amount of his thousand dollars storing in hardware wallets is worth it. Probably the man who invested thousands of dollars in bitcoin does not have enough knowledge in Bitcoin. All probably all he knows is to invest only and wait until he gets profit. Carelessness will lead you from a victim of hacks and that was sad to story.
You don't even really need a hardware wallet. A wallet on their computer or mobile device used only for the purpose of storing coins would suffice. But with any amount above several thousand dollars, why not go get a hardware wallet too.
Wow! That is a big hack attack and the target was well known otherwise they wouldn't know that he had 1.5k$ BTC which is crazy and foolish in the same time to not have extra security for such a big amount.
Imagine holding 24mil$ in a simple wallet thinking that you're not a target for those hackers who are waiting for people just like him in order to make their moves. I hope this is a lesson for those who are having big amounts of Bitcoin and not only , to improve the security of their wallets or simply move towards cold and hardware wallets.
Some people may have a lot of money but they lack common sense, holding 24 million dollars on your phone in an online wallet is the equivalent of someone carrying all his cash with him and whatever jewelry he has as well, while in theory you are free to do whatever you want that person is asking for trouble, the correct thing to do is to only carry with you whatever money you may need and a little extra in case of an emergency but nothing more than that. Imagine holding 24mil$ in a simple wallet thinking that you're not a target for those hackers who are waiting for people just like him in order to make their moves. I hope this is a lesson for those who are having big amounts of Bitcoin and not only , to improve the security of their wallets or simply move towards cold and hardware wallets.
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