Topic: An investor lost $24 million worth of bitcoin - page 6. (Read 1025 times)
This is somehow old news woth regards to Michael Terpin. He recently filed a lawsuit against AT&T for breach of contract and he will try to win his $24 million from them, not to mention he also have 50 other individuals who have been victimized by sim swapping because of the process AT&T gives for people trying to access someone else's sim card. I personally think Terpin would win specially of has 50 other individuals who are the sam victims as him.
The idea of holding 24 million dollars in an online wallet is so crazy.
Easy come, easy goes...
Old news, but nice share.
Easy come, easy goes...
Old news, but nice share.
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.
January 2018? Talk about ancient...
SIM attacks are nothing new, it is but another attack vector. People should act smarter, but its quite the opposite. One tells them to stop using windows our put wallets in smartphones, and yet they keep doing it, until they get hit and blame it on Bitcoin, when in reality it was their attitude that prompted it.
Google dependency also didn't help, maybe if he just used another email provider...
And.. this is why you should keep your holdings in a hardware or paper wallet. Or even a software wallet if the wallet is not connected to the internet. By SIM swapping it means that someone changed the sim card in his phone? Then it is the investor's fault as well especially if he knew he has such a big stake in cryptocurrency. In the era of technology, extra cybersecurity measures are a must and we should all at least get a basic education on how to protect ourselves against cyber threats.
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.
January 2018? Talk about ancient...
SIM attacks are nothing new, it is but another attack vector. People should act smarter, but its quite the opposite. One tells them to stop using windows our put wallets in smartphones, and yet they keep doing it, until they get hit and blame it on Bitcoin, when in reality it was their attitude that prompted it.
Google dependency also didn't help, maybe if he just used another email provider...
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
Lol, poor bastard
I guess it s partially his fault for storing his bitcoins online instead of using a safe wallet. Hopefully, his story will become a lesson for some doing the same mistake
With such amount it shouldn't be on the exchange or online wallet where anyone with the knowledge of howtos can access anyone's email. Some websites can even be accessed by the mobile's phone number, they don't need to know your email address but just the mobile number. If $1M is worth the killing, for $24M I'd probably bomb the suspect to pieces.
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
Yes of course leaving such a huge amount of Bitcoin on the net is totally insane. I hope he and any other whale investors pay attention, because scammers will come back again when bullmarket start to find new victimsThey dont only attack on a bullmarket but even to this time yet these hackers do knows bitcoins value potential on upcoming years.
We've seen exchange hacks as of this years which proves out that these criminals are just finding the right timing to stole precious bitcoin.
Keeping coins on a web-wallet isnt really ideal as i have read it do involves access of email which means he might stored up some keys or simply
able to access his exchange accounts?
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
Yes of course leaving such a huge amount of Bitcoin on the net is totally insane. I hope he and any other whale investors pay attention, because scammers will come back again when bullmarket start to find new victims 
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
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
Jump to: