An investor lost $24 million worth of bitcoin - page 5.

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Quote from: clickerz on November 14, 2019, 10:48:06 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.

It's more an article showcasing how careless some people are. With bank accounts it's fair, people should probably make sure transactions over 10,000 require a lot more ID, and crypto definitely needs to be stored on a hardware/cold wallet that can't be affected by the internet/these sorta attacks.

This is the point, it is from the user's side and not the system. It's his careless that leads to the loss of his crypto assets. This is a lesson and a piece of advice to all that as possible do not store your crypto assets on an exchange, or online wallet. Buy a hardware wallet as possible to be sure that your crypto assets are safe.

it has become a natural thing that many people lose because they are careless because they may not have very much experience so that they suffer losses like that, because indeed wherever they all have risks even in cryptocurrency will have a higher risk because no one can guarantee cryptocurrency security is included in the wallet or place of exchange when making transactions.

blckhawk

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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.

clickerz

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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.

It's more an article showcasing how careless some people are. With bank accounts it's fair, people should probably make sure transactions over 10,000 require a lot more ID, and crypto definitely needs to be stored on a hardware/cold wallet that can't be affected by the internet/these sorta attacks.

This is the point, it is from the user's side and not the system. It's his careless that leads to the loss of his crypto assets. This is a lesson and a piece of advice to all that as possible do not store your crypto assets on an exchange, or online wallet. Buy a hardware wallet as possible to be sure that your crypto assets are safe.

batang_bitcoin

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

I don't think sim swapping is a huge issue nowadays

It's still a huge thing today especially if there's a huge amount of fund that has been robbed from the past.

Quote from: Eugenar on November 14, 2019, 07:19:09 PM

Quote from: ?? on ??

I lost some eth via hacker
Now I keep all my private key in paper

It will not fully secure your holdings if you just put it on paper. If I am not mistaken, you shouldn't also put your funds in paper especially in a QR code. What suits better if you hold huge amount that is quite big enough for hackers to hack, you should store it in cold wallets. Wherein, your funds will be fully secured and transactions from it will not be possible without you plugging it to your computer.

One of my suggestion is for you to buy a ledger nano or trezor in their own websites.

I guess he means that he's now keeping the private key written on a paper which is okay. And the question should be what's the wallet he's using right now. It could be any of those wallets that you have mentioned and he just wrote the PK on a sheet of paper.

gentlemand

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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.

maxreish

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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.

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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.

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

It's more an article showcasing how careless some people are. With bank accounts it's fair, people should probably make sure transactions over 10,000 require a lot more ID, and crypto definitely needs to be stored on a hardware/cold wallet that can't be affected by the internet/these sorta attacks.

Yeah, that's the big question, how can a guy with tons of crypto's not storing it a hardware wallet, still baffles me. I do hope that he learn his lesson here, it's not the first time that it happen to him so it's really hard to understand how still he can be careless.

alani123

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SIM cards are really not an adequate measure of protections. Governments have intentionally left several entry points and in some instances, have even cooperated with telcos to let communication mediums unencrypted and unsecured. Phone calls and SMS is subject to man in the middle and de-cryption attacks by anyone. Not even social engineering would be required with your provided if someone is willing to invest some 1000s of $ into ordering a machine from china. If that's put in range of your phone then it could receive your SMS before you by interfering with signals, and also text with your caller ID. Secret services are already using these techniques without a warrant.

hello_good_sir

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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.

It's more an article showcasing how careless some people are. With bank accounts it's fair, people should probably make sure transactions over 10,000 require a lot more ID, and crypto definitely needs to be stored on a hardware/cold wallet that can't be affected by the internet/these sorta attacks.

Eugenar

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Quote from: ?? on ??

I lost some eth via hacker
Now I keep all my private key in paper

It will not fully secure your holdings if you just put it on paper. If I am not mistaken, you shouldn't also put your funds in paper especially in a QR code. What suits better if you hold huge amount that is quite big enough for hackers to hack, you should store it in cold wallets. Wherein, your funds will be fully secured and transactions from it will not be possible without you plugging it to your computer.

One of my suggestion is for you to buy a ledger nano or trezor in their own websites.

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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

In this crypto space we find ourselves, we are in charge of our personal safety in terms of online amounts and online crypto wallets. The moment you make a little mistake, your account or wallet will be drained off the crypto coins in it. It is quite sad that Michael Terpin lost about 1500 Bitcoins. But why will you keep such an amount of Bitcoins in one single wallet which is an online wallet? This will be a lesson he will never forget as long as he is alive. People need to protect and keep their wallets safe and secured.

Pearls Before Swine

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Oh shit, that's scary and this guy must be devastated.

Op, I'm glad you posted this else I would never have learned about this kind of hack, even if it was old news. I still hadn't heard about it. It wouldn't matter for the bitcoin I own, since I don't keep it on an exchange or a web wallet or anything, but the SIM swapping thing could be used for anything else I suppose.

It does make me wonder how he got targeted in the first place, since someone must have known he owned all that bitcoin, no? I can't imagine getting hacked for that much. I'm not sure how I'd recover, if at all. The guy who got hacked is probably wealthy (hopefully) and I'm hoping he bounced back from this eventually. Is there no followup story?

batang_bitcoin

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Yes, this was the news last year.

Bitcoin Investor Sues AT&T After Losing $23 Million In SIM Swap Hack

Quote from: boltz on November 14, 2019, 12:47:15 PM

he had 1.5k$ BTC which is crazy and foolish in the same time to not have extra security for such a big amount.

FTFY, bro.
I don't know why he didn't even think of storing that to a safer storage during that time.

Jating

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Which case the OP is referring to?

Crypto Investor Awarded Over $75 Million in SIM-Swapping Hack Case?

AT&T Fails to Win Dismissal in $24 Million Crypto SIM-Swap Lawsuit

For the record though, Michael Terpin was hacked twice already, he won the first case and awarded and awarded $75 million.

I'm not saying that it's his fault, but he should should learn his lessons from the first attack and keep his BTC in a safe place.

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Quote from: sureshnsnet on November 14, 2019, 12:30:53 PM

Really it is a sad story it going to be lessons for all who have weak hands in secure measures. So we have to store our coins in most secure wallet as may people are trusted that with our secure identity. But nowadays the hackers be come too smart and they can find new tricks and ideas to hack people's information so we can not share our information any free paying online website or scam surveys.

But people never understand the actual scams and we people need to choose the right project invest as well as to earn the money or tokens also guys. Most of the people missing that and worrying after they got scammed.

Apart from that some bug sites also there like they were scamming us with phishing links.

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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

That's very unfortunate. We all work hard here investing on crypto making sure that we can secure a bountiful life in the future but by just one little mistake, we can end up loosing it all in a snap. Let us take this unfortunate event as a lesson learned for us to be more careful and more wise with our investment. Always avoid putting too large money on our wallet and always make sure that it is well secured to avoid getting attacked. As soon as you put up a large amount of bitcoin on your wallet, you are already putting yourself at great risk.

boltz

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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.

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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

We see all these stories all the time and still people are not learning is the biggest problem, storing your coins in your mobile or online wallet is the dumbest thing you can do and if he is holding that much coins what stops him from storing it safely, hardware wallet is not that expensive and there is no point in investing millions if you do not know how to keep the coins safe.

sureshnsnet

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Really it is a sad story it going to be lessons for all who have weak hands in secure measures. So we have to store our coins in most secure wallet as may people are trusted that with our secure identity. But nowadays the hackers be come too smart and they can find new tricks and ideas to hack people's information so we can not share our information any free paying online website or scam surveys.

Ailmand

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Have came accross this news before. Such a huge amount of cryptocurrency should not be kept online. This is worth sharing to spread awareness for those who are keeping their crypto online. It is never advisable to leave your money online. Secure your funds, keep it in a hardware wallet.

Topic: An investor lost $24 million worth of bitcoin - page 5. (Read 1025 times)