Topic: An investor lost $24 million worth of bitcoin - page 3. (Read 1016 times)
I know how that feels. Maybe people in here after read that, will know and set 2fa and other securities in their google mail. At least people who can hold our number, or maybe when they have our password, with SIM swap, they can verify the login easily. But for google mail forgot password, i think for now it is not that simple because we asked for many question and although we can answer it, not means we can recover our account easily.
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
makes me wonder whats the best kind of storage for bitcoins in the long run.
That is a sad story and it should really be a lesson to all of us too that we need to secure our cryptocurrencies very well and I think it was a mistake from this guy to have kept his currencies ion the wallet that he used. There has been an existence of hard wallet since that 2018 and I think that it was because he paid nonchalant attitude to it that made him to store such amount of coin in a wallet that is not very secured and also not taking control of his phone very well.
I believe this is one of the reasons why regulation is very necessary because if there was a regulation, I am sure that there is a way that the authority would have at least been able to trace the transaction to those scammers if they don’t use chip mixer to cover their tract anyway.
I believe this is one of the reasons why regulation is very necessary because if there was a regulation, I am sure that there is a way that the authority would have at least been able to trace the transaction to those scammers if they don’t use chip mixer to cover their tract anyway.
A sad story to tell to every person especially to newbies that it is not just fine to just take risk money, that you have the courage and that you have the fund. Let's not be too greedy of how much return we could have as there is nothing permanent in this world, there is nothing instant, quick money, it needs a lot of hardwork, patience as well as a lot of investigation and research before we trust someone or the project.
That is a sad story and it should really be a lesson to all of us too that we need to secure our cryptocurrencies very well and I think it was a mistake from this guy to have kept his currencies ion the wallet that he used. There has been an existence of hard wallet since that 2018 and I think that it was because he paid nonchalant attitude to it that made him to store such amount of coin in a wallet that is not very secured and also not taking control of his phone very well.
I believe this is one of the reasons why regulation is very necessary because if there was a regulation, I am sure that there is a way that the authority would have at least been able to trace the transaction to those scammers if they don’t use chip mixer to cover their tract anyway.
I believe this is one of the reasons why regulation is very necessary because if there was a regulation, I am sure that there is a way that the authority would have at least been able to trace the transaction to those scammers if they don’t use chip mixer to cover their tract anyway.
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.
Source:
Wall Street journal
That's a huge money and really a sad old story. And why does the investor didn't activate the Google's Two-Authenticator because its much safer and i think it cannot be hacked easily.
And that is the reason why its much better to use a paper wallet or hardware wallet and only access it if you need to make a transaction and only save the private key via QR code in an online cloud and save it encrypted.
And that is the reason why its much better to use a paper wallet or hardware wallet and only access it if you need to make a transaction and only save the private key via QR code in an online cloud and save it encrypted.
It's so sad to see such thing.
I already suffered a sim swap atack once and they stolen my money from the bank. Luck of me that the bank take the responsibility and gave me back the money
But in this case, there's nothing to do
I already suffered a sim swap atack once and they stolen my money from the bank. Luck of me that the bank take the responsibility and gave me back the money
But in this case, there's nothing to do
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
how do hackers know their email and cellphone number. lol
if indeed he publishes e-mails and telephone numbers it is clearly wrong
this is the risk when we enter the hacking crypto market. therefore we must always improve our security system. if you have a fairly large amount of bitcoin it should be stored in a hardware wallet I think it will be safer. rather than saved this exchange site. and do not change telephone numbers or SIMs are very dangerous. and choose internet networks that have strong security. Here are some tips that I did so that our wallets are not easily hacked by hackers.
so, nothing is safe in our storage. especially on online storage, banks, crypto wallets, etc. I personally have experienced. EDO coins (EIDOO) at that time also had the highest price. around $ 20K, I don't know where the hacker came from. suddenly my assets were sent to another wallet. the only possible mistake is i didn't pay attention to the myether web link. so there is no safe system. hackers are always smarter at trapping us. so stay careful.
When you got coin excatly from investing assets or come from bounty campaign never hold for long term, we can't prediction how future our altcoin price will grow up or down, I still save my altcoin until today have drop price if I sell last three years I got much profit, but keep holding until now price down and not listed on exchange market. 
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,
To be honest and speaking like an ordinary man who is not really very technical, this story quietly illustrates why there are people who are afraid to deal with cryptocurrency because we can not deny that there is a big risk of being a victim of hacking. Hackers are now getting advanced and can always be studying new ways and means to get into people's fat wallets and get themselves rich in the process. I know this is never the fault of Bitcoin but in the face of this big risk a person may think twice of investing with digital assets. And the sadder part is that there is nothing we can do for now once the control is already on the hackers' side, we can only watch how the assets are transferred from one wallet to another and even trace them to different exchanges but to stop the whole thing is beyond anybody's power.
so, nothing is safe in our storage. especially on online storage, banks, crypto wallets, etc. I personally have experienced. EDO coins (EIDOO) at that time also had the highest price. around $ 20K, I don't know where the hacker came from. suddenly my assets were sent to another wallet. the only possible mistake is i didn't pay attention to the myether web link. so there is no safe system. hackers are always smarter at trapping us. so stay careful.
This sucks, I see stories like this all the time on here. He really shouldn’t have been keeping that amount of crypto online though. It should be on paper wallets or a hardware wallet. Sad for him 
It really sucks indeed but there is a mistake coming from the investor himself for not storing his Bitcoin well. With that huge amount of Bitcoin, he should stored it on a hardware wallet but probably it is stored on a web wallet or online wallet which is his mistake but it is a lesson from him too and for the other investors and holders here. 
how sad he was, I who had only been stolen too little, it was as if I wanted to cry out loud. he lost that much, was he stressed or sick ..? it is a very evil crime. I can't afford that ..!
We aren't even sure if he really is a victim of a hacking or his funds has been really stolen, in the first place he would not become a victim if he just been responsible enough in handling his funds. There are different measures and procedures to keep your funds safe before investing in cryptocurrency. If the OP posted a link regarding the real situation, we might figure out if the victim has a deeper reason for how his funds got stolen. So far, the lesson that we might have regarding this is to become personally responsible for our funds, do not store it on exchanges as we aren't the one who really has the ownership of it.
Any link for source?
Who the hell holds 24m on a hot wallet?
How you sell that amount of bitcoins into a bank and the bank not freeze it? He couldn't not notice it missing on time since it pings you whenever a move is made by mails and app.
Who the hell holds 24m on a hot wallet?
How you sell that amount of bitcoins into a bank and the bank not freeze it? He couldn't not notice it missing on time since it pings you whenever a move is made by mails and app.
This should be a lesson to all those who hold money on exchanges and in online wallets.
There were so many things ho could do to be safe and all of those things were so easy.
Buy a hardware wallet.
Divide money between wallets.
Keep some on exchanges so at least you'd have different emails and account names for each of them.
Not use gmail.
Millions of money yet can’t afford to buy a hard wallet is ridiculous, I’m sure that millionaire is not investing alone I mean someone should guy them on how to properly put the money online. He loss big amount of money whether he’s so rich or not, what we have to learn here is that we should not trust the wallet that we can’t control even if its a small money only. There were so many things ho could do to be safe and all of those things were so easy.
Buy a hardware wallet.
Divide money between wallets.
Keep some on exchanges so at least you'd have different emails and account names for each of them.
Not use gmail.
This should be a lesson to all those who hold money on exchanges and in online wallets.
There were so many things ho could do to be safe and all of those things were so easy.
Buy a hardware wallet.
Divide money between wallets.
Keep some on exchanges so at least you'd have different emails and account names for each of them.
Not use gmail.
There were so many things ho could do to be safe and all of those things were so easy.
Buy a hardware wallet.
Divide money between wallets.
Keep some on exchanges so at least you'd have different emails and account names for each of them.
Not use gmail.
This is why we keep telling everyone not to store money online, especially big amount of bitcoin. This incident teach many people about the online wallet, its been almost 2 years and people can’t get over about this scam. If you are planning to invest big money then put extra effort on learning about cryptocurrency, don’t just depend to your secretary or to anyone, you really have to secure yourself to prevent incidents like this.
This sucks, I see stories like this all the time on here. He really shouldn’t have been keeping that amount of crypto online though. It should be on paper wallets or a hardware wallet. Sad for him
I completely agree with you. Keeping such an amount of money and not securing yourself is a big nonsense. But the second side of the coin is to replace SIM cards. How can these substitutions be prevented? Indeed, there have been a lot of victims of fake SIM cards lately. 
I don't think that Hardware Wallet is secured since it can be hack by a spyware or worms and it depends if the antivirus is updated or can detect it since some of the new wares or virus are updated now.
Erm, track down whoever told you that and twist their nipples until they pass out.
You can plug your hardware wallet into the most disgustingly virus ridden machine and you'll be absolutely fine. That's the whole point of them. Nothing on the internet can access the private keys.
There are plenty of attempts to trick you into entering its seed into websites but you'd have to be exceptionally dim to fall for it.
Bottomline, still on you how you will be a target of those phishing attacks. You should not be gullible in entering your private keys to just anything that will pop up. He might have entered his keys unknowingly to some site he didn't know was a phishing site. But such amount is really heavy on pocket. I guess, he learned his lessons well by that traumatic experience.
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