Can bitcoin be stolen? | Bitcointalksearch.org

EarnOnVictor

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Quote from: Judith87403 on February 11, 2024, 10:35:09 AM

Quote from: MorganaX on February 02, 2024, 10:23:58 AM

Now bitcoin is one of the safest way to invest digital currency. Because of its new and improved security system it makes it hard for hackers and thief to access

So now the question is bitcoin safe from hackers?, can it be stolen?

The fact is that since Bitcoin is digital assets there is every possibility that it could be stolen from users who doesn't no the safest way to store Bitcoin, perhaps that's way as a beginners like us one thing is investing on Bitcoin another thing is how to keep it safe because as someone who doesn't no how to save or store private keys could possibly fall a victim of hackers, so I think the best way is to get the right information on the safest way to store private keys before starting investment.

You have some valid points there, Bitcoin is not what we operate offline, and as a matter of fact, we operate it online and has to do with gadgets at the same time, so the risks are there. The internet we use for it could corrupt, and so is the gadget we use for it, which makes it susceptible to attacks and could be stolen for this. We hear cases of Bitcoin and other crypto asset loss, this could be due to the carelessness of the owner, but at times, it is not about being careful or not, it's all about the smartness of the stealers or hackers as the case may be. Some people can be a target, and no matter how smart and careful you think you are, they will still get you and steal the crypto asset.

This can only explain how companies are being dealt with in this regard causing millions of dollars worth of crypto assets stolen from them. The recent advancement in technological information has also made us realise that even the hardwallet that people thought was immune to hacking and crypto heists could be hacked. But this should not discourage us from owning our Bitcoin, we should only do our part diligently to keep our coin and leave the rest to fate. We should also not be careless with our passcodes, including the seed phrases. It's also worth knowing that storing the seed phrases offline is the best-known method.

teamsherry

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Bitcoin could be stolen if they have access to where it is stored, hope you know that bitcoin is actually stored on a location in the blockchain and your seed phrase can be seen as the passcode to that unknown location, so anyone who has access to it can actually move your bitcoin to another location unknown to you, i don't if i explained this the right way, but the point Is if you are careless with your seed phrase then your done.

GideonGono

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Yes if they could access our wallet then they could steal what's inside it.
There has been so many case about crypto currency hacking, even trading sites got hack from the past and lost some of their customers crypto.

G-aluminum

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Yes it can! Every crypto currency institution or wallet addresses makes available certain security phrase which advices you to keep it private. So if you share this information there’s every possibility your coin can be stolen.

Abiky

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Quote from: Claymore2 on February 19, 2024, 05:50:44 AM

It's tough to claim that Bitcoin is secure because there are still many cases where people have had their Bitcoin stolen. And honestly, in this digital age, it feels like nothing is entirely safe online. Cybersecurity companies are always playing catch-up with hackers who keep getting smarter. All we can do is protect our assets as best we can, right?

Bitcoin by design IS secure. The problem is not the core Blockchain protocol, but rather the person using the blockchain. Most people keep their coins at centralized exchanges which are subject to failure. Others might use non-custodial wallets and/or decentralized exchanges, but they easily get hacked because they don't secure their private keys and/or seeds properly.

It's all a matter of self-responsibility. If you follow the necessary security guidelines, no one will be able to gain unauthorized access to your coins. I've said this many times already. Hopefully, Bitcoin remains secure and reliable enough for generations.

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Quote from: Claymore2 on February 19, 2024, 05:50:44 AM

It's tough to claim that Bitcoin is secure because there are still many cases where people have had their Bitcoin stolen. And honestly, in this digital age, it feels like nothing is entirely safe online. Cybersecurity companies are always playing catch-up with hackers who keep getting smarter. All we can do is protect our assets as best we can, right?

If you say it like this, it means that everyone can conclude that it is actually not a safe place to store Bitcoin. Not Bitcoin directly, so it would be wrong if someone claimed that Bitcoin is not safe, even though the Bitcoin keeper himself is still quite negligent in guarding the place where he stores the number of Bitcoins he already owns. So if you think it's not completely safe for reasons of being online, how can you protect your assets as best as possible if you yourself are still unsure about it?

Claymore2

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It's tough to claim that Bitcoin is secure because there are still many cases where people have had their Bitcoin stolen. And honestly, in this digital age, it feels like nothing is entirely safe online. Cybersecurity companies are always playing catch-up with hackers who keep getting smarter. All we can do is protect our assets as best we can, right?

darkangel11

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Quote from: milewilda on February 12, 2024, 04:19:16 PM

Hardware wallet could be possibly be hacked and its proven out.

https://www.coindesk.com/tech/2023/05/24/crypto-security-firm-unciphered-claims-ability-to-physically-hack-trezor-t-wallet/
https://www.bloomberg.com/news/articles/2023-12-14/hacker-hits-one-of-crypto-industry-s-biggest-names-in-security

We've seen in the past about these issues. This is one of the reasons i dont really store up my funds into those devices.
I do simply just make use of traditional Electrum wallet for Bitcoin storage and MEW on erc20.
It works fine even up to this day from the start when i do know crypto.. As long you dont make those PK exposed into
other people then you should be just fine.

OK, but isn't this fear mongering? There's one company that managed to do it and for that they had to experiment on a wallet for some time.
You don't buy a hardware wallet so that if someone breaks into your home, finds it and steals it, cannot send it across the world to a company that knows a way how to break into it, but to have your bitcoins offline, so that nobody can take them without you being able to prevent that and you do it by having a seed phrase and being able to recover the wallet and move your money.
If someone has the ability and the time to go through my whole house looking for my hardware wallet, I think I'll have bigger problems to worry about than the fact that some company can break into it given enough time.

Also, the next trezor that comes out will probably take that into consideration and be more secure. That's how this process works. There are people who design security procedures and people who test them out.

Abiky

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Quote from: milewilda on February 12, 2024, 04:19:16 PM

Hardware wallet could be possibly be hacked and its proven out.

https://www.coindesk.com/tech/2023/05/24/crypto-security-firm-unciphered-claims-ability-to-physically-hack-trezor-t-wallet/
https://www.bloomberg.com/news/articles/2023-12-14/hacker-hits-one-of-crypto-industry-s-biggest-names-in-security

We've seen in the past about these issues. This is one of the reasons i dont really store up my funds into those devices.
I do simply just make use of traditional Electrum wallet for Bitcoin storage and MEW on erc20.
It works fine even up to this day from the start when i do know crypto.. As long you dont make those PK exposed into
other people then you should be just fine.

As with everything, hardware wallets aren't 100% safe. They can have vulnerabilities in their design (especially those that are closed source such like Ledger Nano). Open source hardware wallets are better because the community can easily identify bugs/vulnerabilities and patch them accordingly.

Why do you think open source software like Bitcoin and Linux are very secure and reliable? I'd suggest you buy an open source hardware wallet like Blockstream Jade or BitBox02 for complete peace of mind. If you follow the necessary security guidelines, no one will be able to steal your BTC. Wink

milewilda

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Quote from: lombok on February 12, 2024, 03:33:42 PM

If someone else knows and has the phrase key or private key of your crypto wallet, I'm sure your cryptocurrency assets are not safe and have the potential to be stolen. Even in the same class as a hardware wallet, if the phrase key to access it is leaked and known to others, the hardware wallet can be accessed via an open source wallet by simply entering the hardware wallet key phrase.

The best wallet is how we store our phrase key so that it doesn't leak or be known by other people.

Hardware wallet could be possibly be hacked and its proven out.

https://www.coindesk.com/tech/2023/05/24/crypto-security-firm-unciphered-claims-ability-to-physically-hack-trezor-t-wallet/
https://www.bloomberg.com/news/articles/2023-12-14/hacker-hits-one-of-crypto-industry-s-biggest-names-in-security

We've seen in the past about these issues. This is one of the reasons i dont really store up my funds into those devices.
I do simply just make use of traditional Electrum wallet for Bitcoin storage and MEW on erc20.
It works fine even up to this day from the start when i do know crypto.. As long you dont make those PK exposed into
other people then you should be just fine.

lombok

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If someone else knows and has the phrase key or private key of your crypto wallet, I'm sure your cryptocurrency assets are not safe and have the potential to be stolen. Even in the same class as a hardware wallet, if the phrase key to access it is leaked and known to others, the hardware wallet can be accessed via an open source wallet by simply entering the hardware wallet key phrase.

The best wallet is how we store our phrase key so that it doesn't leak or be known by other people.

Pandji02

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Quote from: glendall on February 12, 2024, 11:23:44 AM

Quote from: doubletheprof on February 09, 2024, 10:17:14 AM

Not if you use hardware wallet in a clever way... haha

You are very confident that if you store assets in a hardware wallet they will never be stolen,
I think even in a hardware wallet, if bad luck everything will be lost somehow

Only if the hard wallet itself will be stolen. Everything can be stolen if someone will try hard enough.

glendall

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Quote from: doubletheprof on February 09, 2024, 10:17:14 AM

Not if you use hardware wallet in a clever way... haha

You are very confident that if you store assets in a hardware wallet they will never be stolen,
I think even in a hardware wallet, if bad luck everything will be lost somehow

LastKiss

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Quote from: Abiky on February 12, 2024, 09:01:40 AM

Quote from: invo on February 09, 2024, 03:19:44 PM

Purchasing a hardware wallet is a viable option for safeguarding your cryptocurrency, but it may not be feasible for new investors who prioritize earning profits from their initial investment. This may change if they have a substantial investment and surplus funds to allocate towards a hardware wallet.

Hardware wallets are available at an affordable price. For instance, you can get the Blockstream Jade for only $64.99. There's no excuse for leaving your Bitcoins unprotected. If you're in a very tight financial situation, you can simply make your own paper wallet and hide it from prying eyes. Self-custody of your coins is a must these days. Especially when centralized exchanges are a constant target of hacks. Some exchanges even went down the hill in an instant due to mismanagement of funds (FTX, Mt. Gox).

By maintaining custody of your coins (by holding the private key or seed), no one will ever be able to steal your BTC (assuming you follow the necessary security precautions). Hopefully, the number of hacks will decline as more people use non-custodial wallets and/or services. As long as Bitcoin stays decentralized, there should be nothing to worry about. Cheesy

Yeah Hardware wallet is more safer by overall I guess it only has one weakness, when you lose it Tongue

. People may be unwilling to spend more money on wallets instead they will choose a free wallet with a good reputation, If we never become a victim of a hacked exchange we never think that a Hardware wallet will be a priority. If we still want to store our funds in exchange at least we can use a few top exchanges to store our funds to prevent something like the FTX incident happen to us.

ARTOIS

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Nothing is safe in this world specially the money, hackers always find solutions.
There are two main ways for hackers to obtain cryptocurrencies: the first is by stealing them directly, or using a plan to deceive the owners of these wallets.
_Phishing email:
The scammer sends unsolicited emails, asking for personal login details, which can be used to steal cryptocurrency; Alternatively, they may offer “prizes” or “bonuses” for depositing certain amounts.
_Investment tricks:
The scammer creates a website, which resembles a legitimate investment trading platform; It may be a fraudulent copy of a real work, or a completely fake copy; They may even post fake ads on social media platforms, endorsing fake celebrities.

I hope everything will change and the developers invent new and effective protection methods.

Abiky

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Quote from: invo on February 09, 2024, 03:19:44 PM

Purchasing a hardware wallet is a viable option for safeguarding your cryptocurrency, but it may not be feasible for new investors who prioritize earning profits from their initial investment. This may change if they have a substantial investment and surplus funds to allocate towards a hardware wallet.

Hardware wallets are available at an affordable price. For instance, you can get the Blockstream Jade for only $64.99. There's no excuse for leaving your Bitcoins unprotected. If you're in a very tight financial situation, you can simply make your own paper wallet and hide it from prying eyes. Self-custody of your coins is a must these days. Especially when centralized exchanges are a constant target of hacks. Some exchanges even went down the hill in an instant due to mismanagement of funds (FTX, Mt. Gox).

By maintaining custody of your coins (by holding the private key or seed), no one will ever be able to steal your BTC (assuming you follow the necessary security precautions). Hopefully, the number of hacks will decline as more people use non-custodial wallets and/or services. As long as Bitcoin stays decentralized, there should be nothing to worry about. Cheesy

Kelward

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Quote from: AHOYBRAUSE on February 02, 2024, 10:32:36 AM

Quote from: MorganaX on February 02, 2024, 10:23:58 AM

We all know that bitcoin was earlier stolen by James "Jimmy" Zhong
James Zhong is an American man who was convicted in 2022 for stealing over 51,680 bitcoin (then worth about $620,000; value as of 2023 approximately $3.4 billion) from the online black market Silk Road between 2012 and 2014.He was also involved in the early development of bitcoin,he found an error on Silk Road that allowed him to withdraw more funds than what was initially deposited. This was activated by repeatedly double clicking the withdraw button, and further abused by using multiple accounts on the website. Zhong managed to conceal his identity and elude detection for nearly 10 years. He lived a luxurious lifestyle, using tools such as cryptocurrency mixers to obscure the origin of the bitcoin he spent. In 2019, he made a mistake by transferring a small amount of stolen bitcoin to a cryptocurrency exchange that followed know-your-customer rules. The IRS's criminal investigation division then tracked him down.
Source link: https://en.m.wikipedia.org/wiki/James_Zhong#

It turns out that Bitcoin stealers target not only big companies but individual users with modest amounts in their crypto wallets.

Now bitcoin is one of the safest way to invest digital currency. Because of its new and improved security system it makes it hard for hackers and thief to access

So now the question is bitcoin safe from hackers?, can it be stolen?

I think most things that could happen can be prevented if you are careful. Only download wallets from original sources, keep your see phrase secure, keep your devices secure. If you follow these rules you should be good.

If we're talking about losing Bitcoin from the Blockchain, then I think that it can be near impossible because if it were possible, considering the rate of hacks in the crypto space, we would have heard about Bitcoin hack. But on a personal level, it'll be very possible lose your Bitcoin, especially on the ground of negligence, if seed phrase is lost or stolen, then the Bitcoin in it can be lost, also if a holder keeps their Bitcoin in a centralized exchange, if the exchange is hacked, then the Bitcoin will also be lost. So the advice is to safeguard your Bitcoin in a none custodial wallet and keep your password and seed phrase in a very safe and secured location.

smelody

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Bitcoin can unfortunately be stolen.
Mainly through careless in the owner's security practices. The most common ways is wallet hacks. The scammers create a ID and generated fack wallet. if anyone download the fack wallet and store the currancy.Hacker gains access to the private keys to a bitcoin wallet, they can transfer the funds without the owner knowing.

Even a hacker can effects the user computer network system and hack Criptocurrancy. According to the insight journal the cases of Criptocurrancy hacking 2022 over 100 million and 2023 over almost 332 million.

To protect Bitcoin from hacker attack no need to put your fund in centralized exchange. You should also use hot wallets or get a cold wallet.

Judith87403

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Quote from: MorganaX on February 02, 2024, 10:23:58 AM

Now bitcoin is one of the safest way to invest digital currency. Because of its new and improved security system it makes it hard for hackers and thief to access

So now the question is bitcoin safe from hackers?, can it be stolen?

The fact is that since Bitcoin is digital assets there is every possibility that it could be stolen from users who doesn't no the safest way to store Bitcoin, perhaps that's way as a beginners like us one thing is investing on Bitcoin another thing is how to keep it safe because as someone who doesn't no how to save or store private keys could possibly fall a victim of hackers, so I think the best way is to get the right information on the safest way to store private keys before starting investment.

tiCeR

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Quote from: MorganaX on February 02, 2024, 10:23:58 AM

We all know that bitcoin was earlier stolen by James "Jimmy" Zhong
James Zhong is an American man who was convicted in 2022 for stealing over 51,680 bitcoin (then worth about $620,000; value as of 2023 approximately $3.4 billion) from the online black market Silk Road between 2012 and 2014.He was also involved in the early development of bitcoin,he found an error on Silk Road that allowed him to withdraw more funds than what was initially deposited. This was activated by repeatedly double clicking the withdraw button, and further abused by using multiple accounts on the website. Zhong managed to conceal his identity and elude detection for nearly 10 years. He lived a luxurious lifestyle, using tools such as cryptocurrency mixers to obscure the origin of the bitcoin he spent. In 2019, he made a mistake by transferring a small amount of stolen bitcoin to a cryptocurrency exchange that followed know-your-customer rules. The IRS's criminal investigation division then tracked him down.
Source link: https://en.m.wikipedia.org/wiki/James_Zhong#

It turns out that Bitcoin stealers target not only big companies but individual users with modest amounts in their crypto wallets.

Now bitcoin is one of the safest way to invest digital currency. Because of its new and improved security system it makes it hard for hackers and thief to access

So now the question is bitcoin safe from hackers?, can it be stolen?

The biggest problem about these kinds of topics is that they confuse security of the BTC network with security measures taken by the users of the BTC network.

Some people save their private keys on their computers without encrypting them. Some people save their private keys in the cloud. Some people have their wallets open without a set password and visit all kinds of malicious websites.

It's all up to the user and how technically literate and considerate they are when it comes to securing any of their assets. Hardly anyone would leave their car open while it is parked in front of their home. But lots of people use easy to crack passwords or no passwords at all because it feels comfortable.

There are so many easy mistakes that could be avoided to effectively protect your BTC against theft that it is careless to not address these issues. Often times they barely take any time either. A typical example is leaving BTC on an exchange, which then gets hacked and the media says it is a BTC problem instead of an exchange problem and their security standards.

Anything that is not secured against theft can obviously be stolen...

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