An investor lost $24 million worth of bitcoin - page 4.

darkangel11

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Quote from: gentlemand on November 14, 2019, 08:37:07 PM

If you have, or rather had, that many coins that either means you've been around forever or you had a shit ton to throw at it.

Both scenarios mean you should know considerably better than to keep that door open for anyone with the will and skill to walk through it. Sim swapping is well known enough.

He probably was the more money less brain kind of guy. He had so much money, money most of us will never have, even if Bitcoin hits 1 million per coin because by that time we'll sell most of it and only have a million or two in BTC left, and lost it all because he didn't know anything about security.
People have just 10k USD and keep it divided between multiple wallets and to have millions and not buy a hardware wallet or at least a decent offline laptop is plain stupid. You can buy super secure machines like purism librem for 1,5k USD or a hardware wallet for as little as $100.

kro55

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Quote

Crypto investor Michael Terpin lost roughly 1,5oo bitcoins on January 7, 2018, after falling victim to a SIM swap attack.
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.

Source

This is one of down side of CC that stolen coins can never be recovered.

BigBos

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Quote from: gentlemand on November 15, 2019, 11:01:14 AM

Quote from: d3nz on November 15, 2019, 10:13:57 AM

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.

I don't know how that person will endure the pain of rotating nipples Grin

however, I'm still quite confused about how hardwallet will be hacked, whereas it has a private key that only you know. if the person put it on the hardwallet, I think the assets they have are still safe until now. but, it has already passed, I am sure that the person learned from this. however, 1500 bitcoin is too valuable to forget Cry

gentlemand

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Quote from: d3nz on November 15, 2019, 10:13:57 AM

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.

Youghoor

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Quote from: Johnii on November 14, 2019, 10:37:37 AM

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

This is very sad to lose such amount of bitcoin. But why will this person keep such amount of bitcoin in a single wallet? This will help him not to make such mistake again and become more vigilant on how he keeps his wallet safe from such attacks in the future. The internet is not as friendly as many of you think. You need to protect yourself while surfing the internet to avoid being attacked.

d3nz

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Quote from: bhabygrim on November 15, 2019, 07:18:02 AM

Quote from: DeathAngel on November 14, 2019, 11:26:08 AM

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 Sad

Yes this huge amount of investment should be kept in a safe place .
The question is why didn't the investor make sure that his investment is safe?
Hardware wallet is only a cheap investment to secure all of his crypto so why didn't he bought it if he would keep a huge amount of crypto?

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.

And i think that paper wallet is much secured since you can access it by accessing using the private key. Trezor hardware wallet can be secured if there is an updated antivirus or malware app.

sapnu

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Quote from: CryptoBry on November 15, 2019, 04:07:55 AM

Quote from: Johnii on November 14, 2019, 10:37:37 AM

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.

It is a big example that we should be careful of our decision because this world is hard then we ever think. We are making money digitally meaning we cannot handle our own money physically. So every step must be studied because one single mistake, all of your money will be loose. We should study every project we want to invest in because not every word they say is true, it is normal for them to say promising words so you should not trust that, you should find out on your own. You can see the reviews of other investors if that particular project is worth investing in.

Edraket31

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Quote from: bhabygrim on November 15, 2019, 07:18:02 AM

Quote from: DeathAngel on November 14, 2019, 11:26:08 AM

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 Sad

Yes this huge amount of investment should be kept in a safe place .
The question is why didn't the investor make sure that his investment is safe?
Hardware wallet is only a cheap investment to secure all of his crypto so why didn't he bought it if he would keep a huge amount of crypto?

That's really sad to hear that there's a lot of investors who are in depth loss and not only a thousand dollar but a million dollar which cannot earn that easily especially for normal person like us, if hat will happen to me I really don't know what will happen to me, maybe I will be in deep depression or will just let it go if I am billionaire. Anyway, we should always let this be a lesson to be learned from all of us.

bhabygrim

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Quote from: DeathAngel on November 14, 2019, 11:26:08 AM

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 Sad

Yes this huge amount of investment should be kept in a safe place .
The question is why didn't the investor make sure that his investment is safe?
Hardware wallet is only a cheap investment to secure all of his crypto so why didn't he bought it if he would keep a huge amount of crypto?

BlackFor3st

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Quote from: Johnii on November 14, 2019, 10:37:37 AM

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

This is very personal problem, in the first place why he didn't secure his credentials and didn't notice the changes that were made. Even if they were able to gain access to the email, I wonder how they were able to get the keys of his crypto wallet.

In the first place, I didn't think that it is a genuine happening but if in case it is really genuine. One thing that I can say only, he should have put his bitcoins in a safe wallet where the private keys is secure or he should have put it in cold wallet.

CryptoBry

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Quote from: Johnii on November 14, 2019, 10:37:37 AM

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.

stompix

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Quote from: Yaunfitda on November 14, 2019, 07:51:41 PM

Quote from: hello_good_sir on November 14, 2019, 07:33:46 PM

I don't think sim swapping is a huge issue nowadays, a lot of companies where I live have added their precautions and policies when it comes to getting a second sim with a number, which usually requires the old number to be verified, or their ID to be verified.

I beg to disagree, Sim swapping is very prevalent, [BEWARE] Sim Port Attack.

No, it's not, prevalent mean that is a common thing and it happens frequently yet we have a dozen cases out of millions.
And nobody is even trying to ask themselves how many times have the thieves failed to get the data and how many times the operator refused to do so.

Look at my previous experience while trying to replace my sim:

Quote from: stompix on August 01, 2018, 09:53:33 AM

The first time I can say I'm happy to be with Orange..

When I got my sim damaged I had to go in person to a store with my id card and my PUK code in order to give me a new one and on top of that I've had to wait until they've verified that indeed that was the original sim
Took me 2 hours of waiting and I've cursed them with every damn word in my fucktionarry but now reading this I'm quite happy things are like that.

Remember I was there holding the ID in one hand and the actual phone with the active number in the other

But now, one more motive to be listed here:
Why say "NO" to Web wallet

asus09

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When investing with crypto you have two chance, maybe get profit with your investing or getting lost, we can't prediction what happen at the future with our investing although invest with bitcoin and top altcoin, many chance can be happen like bitcoin price on 2017 above $15K and now drop lower price, when you invest with bitcoin you have ready cut lost for less your lost money when price down.

Murat

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I am afraid of such type of news, I know this Sim swap is not a new thing in this platform, but it's very unfortunate that type of massive loss, there should be another recovery system added and more security option should be added here, Also we have to be very careful about this issue because it's gone if we loss once, so we don't have any single chance to get recovered it, This is the alarming side of this platform, but it can be protected very easily because if we are serious then our saving also kept being secure, so don't be panicked and don't be foolish towards this security. hope that person has come back strongly though it's a tough job for anyone.

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Quote from: maxreish on November 14, 2019, 08:18:14 PM

Is it possible that someone he knew that he owned 1,500 bitcoins do that ? I mean how did the sim swap happened? Losing $24 million is too huge and kinda depressing. If it's way back 201i, I believe therr are already hard wallets where you can store your bitcoin instead of storing it online.

And doesn't he set up 2fa or did not think about doubling the security? Emails and Passwords can easily be traced and changed. Hope he recovered from that bad experience.

It is quite surprising if it can happen to such a large extent that is lost, I also cannot think that it can be easily taken. The question is, is this news possible justified? it's a pity to have to experience something like this because of the fantastic value.

posi

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This totally a sad story, I feel sorry for the man in subject and I wonder how he will feel and what he will think of crypto curreny. But when I read the story over again I believe the seems not to understand how to secure is wallet and he's not using a hardware wallet either to save such huge coon cause there's no way a hacker will have access to is hard wallet through is phone and emails.
@OP always the lnk to the news you post next time.

joinfree

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This space never gets cleaned from all these series of hack and security breach. i really want to know how this sim hack was possible without them having a direct access with his phone. Anyway i am sorry for his laws and i hope the criminals leave a loose end in their plot so that they can be apprehended. This is the original article that the OP referenced from...You all can go and have a look over here.
https://www.wsj.com/articles/he-thought-his-phone-was-secure-then-he-lost-24-million-to-hackers-11573221600

pooya87

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that's what they get for not educating themselves.
when you enter some new world the first thing you need to do is to learn how things work and when there is money involved one of the first things is to learn how to secure your funds. in case of bitcoin cold storage is one of the first advises you see as a beginner but those who ignore it are always going to regret it soon when they lose their precious bitcoins.

now you that are reading this, if you haven't set up a cold storage of your own go do it right now: https://en.bitcoin.it/wiki/Cold_storage

matchi2011

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Quote from: blckhawk on November 14, 2019, 11:06:59 PM

The SIM swapping attack is one well-organized attack by thieves. It's quite hard to counter, but you could tighten up security by limiting the information you disclose on the internet, and track all your publicly open data such as those sensitive and basic information like addresses and phone numbers. The mobile network provider also has some responsibility over the theft since they should not allow sim swap whenever the person himself is not in their office, conducting the actual process.

There's chances that this attack also being well organized and some employees are connected doing this inside job. It's really important to
tighten your securities especially if the stake amount is huge like that. If you can manage to work with adding additional securities a third
party service that you fully trust then hackers will be having a hard time penetrating your account.

bounceback

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Quote from: Johnii on November 14, 2019, 10:37:37 AM

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.

I think this is his own fault because he made his personal crypto wallet via email and did not use two authentication in his wallet. This is fatal, Hopefully in the future he can better protect his crypton wallet, what we need to know now is that we have to use an offline wallet or a hardware wallet that is not easily accessed by hackers because with more sophisticated technology today, hackers are also increasingly smart breaking into several programs.

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