Can someone stole your money with seed phase?

Sandra_hakeem

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge. Will the person be able to withdraw your money or change password and block you from having access to your wallet?

Anyone could get some clues or derivatives to either find a means to spend your coin or convey them to wherever he wants.....that can only be achieved when he's in touch with your seed phrase.
Anyways, except otherwise, the person must be a close associate of the scammed In question. Maybe not too close, but saying out secrets like "how much worth of coin you have" usually raises an eyebrow of anyone. It's advisable to not even store them on chrome default tabs/ remind my seed phrase etc.

Sandra 🧑‍🦰

aylabadia05

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge. Will the person be able to withdraw your money or change password and block you from having access to your wallet?

Can.

Initial phrase is their first way to spend your assets because the initial prhades are different from passwords.
Because the initial seed and private key are very important, the OP needs to guard it from the reach of others.
Maintaining early phrase and private key safely is the same as keeping ourselves survived the danger.

Issa56

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge. Will the person be able to withdraw your money or change password and block you from having access to your wallet?

Should I just say your private key is your money, anybody that can have access to your private key already have access to your money, they can move out all the coin in the wallet at any moment they like, that's why private key should be protect very well, if anyone have access to your wallet private key, the person won't be able to change your private key, you can't change a private key, but the person can just create new wallet and send all the coin you are having to the new wallet, then the person will leave the wallet empty for you, the person won't stop you from having access to your wallet, but you won't be able to have access to your coin anymore.

Truthlovecoins

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I don't really know much about the seed phrase you mentioned, but if it has anything to do with the access to your coins/money in this case, it sure as hell can be stolen.
The only thing that might limit such someone from withdrawing or transferring all your funds is if they love you too well like family or are family. If they are also your brokers in most instances too.
If you let someone have your seed phrase it should mean you trust them and they, you.

Eureka_07

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge. Will the person be able to withdraw your money or change password and block you from having access to your wallet?

They won't be needing to know what your password is. They can set up a new one once they entered the seed phrase to the system. If they can do it, that means you can do it too.

Also, there is no way that they can OR you can block each other from accessing the wallet WHILE you both knew the seed phrase exactly. As far as I know, that feature doesn't exist.
It's best to not store your seeds online, take the hassle and write it down then keep it to the safe place.

Rockstarguy

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge.

That is why it is called a private key which nobody is suppose to have access to apart from you. Your coin can been spent if someone gets access to your private key which will be imported to a non custodial wallet and your coin will be spent easily. Your private is your personal key, if anybody have access to it, it is as if the person has a spare key to your wallet.

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Will the person be able to withdraw your money or change password and block you from having access to your wallet?

Yes the person will be able to withdraw your money which you can never recover back again, your private keys is as important as your coin, so you have to put it in a safe place no one can have access to it.

Luffygroove

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Absolutely, 100% right! If someone gains access to your private keys without your knowledge, they can potentially control your wallet and perform actions on your behalf. This includes withdrawing funds. That's why people here in the forum always warn you to be aware of this: always keep your private key in a safe place; a ledger wallet (which is not connected to the internet) is better; never share your private key with others; and so on. If someone has your private key, then passwords, 2FA, or whatever security features you use won't matter. Your assets don't belong to you anymore.

Darker45

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You can forget about your wallet. You can forget about your password. Your seed phrase is everything. If somebody gets access to your wallet but without the password, he/she cannot steal your funds. If he/she gets access to your password but not your wallet, he/she can't make any withdrawal. But if he/she gets access to your seed phrase, even without the wallet or your password, he/she can take away all your money. So protect your seed phrase at all costs.

OcTradism

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Quote from: Faisal2202 on May 16, 2023, 06:47:51 PM

As, according to stats and history, Many Dormant BTC addresses (the ones which are not active for a long period of time) is a live proof of Lost Wallets, which means people have lost their wallets/keys to their wallets and now they can't access them. Following are some Dormant Addresses that aren't active (maybe some have become active).

Not all of dormant BTC addresses and Inactive UTXOs are storing lost bitcoin. They can belong to someone who just are in jails but they will be free someday, or someone who have yet wanted to move their coins like diamond-handed Bitcoiners. Dormant addresses are dormant but not actually lost ones.

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Most of the analysist says, 20% of the supply of BTC in circulation is wasted because of lost of keys and they have become dormant BTC addresses. But this is just estimation, because no solid stats are provided so, DYOR too.

It is an estimate and with assumption that those inactive UTXOs are all for lost bitcoins. Some very old UTXOs woke up and created panic on the market. We don't know how many inactive UTXOs can wake up after many years.

If you have interest in dormant UTXOs, find something from https://www.lookintobitcoin.com/charts/hodl-waves/

noorman0

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Quote from: Josefjix on May 16, 2023, 07:09:14 PM

Quote from: Hatchy on May 15, 2023, 10:20:23 AM

After generating the wallet, will the new wallet have the same address as the original wallet?

Yes the receiving wallet address will remain the same nothing changes and your seed phrase can be use to import on multiple wallet at the same time

This question is very ambiguous, it can mean yes and no. The questioner should better explain what a "new wallet" is in this context. I think he's referring to a fresh(just installed) wallet app and/or in a different device instead of generating a new wallet address.

Josefjix

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yes

Quote from: Hatchy on May 15, 2023, 10:20:23 AM

Quote from: hosseinimr93 on May 15, 2023, 09:35:28 AM

Take note that your password encrypts your wallet file locally, so that someone who has access to your device can't access your fund.
Someone who has access to your seed phrase can use it to generate the same wallet and spend your fund. The thief doesn't need your password at all

After generating the wallet, will the new wallet have the same address as the original wallet?

Yes the receiving wallet address will remain the same nothing changes and your seed phrase can be use to import on multiple wallet at the same time

Quote from: Bholutefe on May 16, 2023, 05:40:48 AM

I almost made the same mistake sometimes ago, before a friend of mine had to correct me properly on how to keep my seed phrase safe. Some people don’t realise how important and outmost the seed phrase can be, under no circumstances should someone else get’s hold of our private key wallet, all the funds ends up gets stolen by the other party. No other person should be accessible to your wallet apart from you alone, it is well advisable to keep your seed phrase far away from where anyone else can see or get hold of.

if your seed phrase is already compromised you need to delete and create a new wallet, there is no two ways about it.

Faisal2202

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge. Will the person be able to withdraw your money or change password and block you from having access to your wallet?

Absolutely Yes, Have you not heard --> Your Key, Your funds? Even if you lost the key or someone stole it from your it's no more your key and anyone with the seed phrase can open your wallet and can change the password but AFAIK he/she can't change the seed phrase because it's fixed. So, you can again use the same seed phrase to recover your account but what use it will be then, as the unauthorized person must have already taken all of your money and flown away?

Keep in mind Key is everything without it you are no more owner. I have seen many cases in which people forget to store their keys in safe places, even forget to save them in any place and when they need them, and can't find them. Then they realize, that they have lost their funds. As, according to stats and history, Many Dormant BTC addresses (the ones which are not active for a long period of time) is a live proof of Lost Wallets, which means people have lost their wallets/keys to their wallets and now they can't access them. Following are some Dormant Addresses that aren't active (maybe some have become active).

Most of the analysist says, 20% of the supply of BTC in circulation is wasted because of lost of keys and they have become dormant BTC addresses. But this is just estimation, because no solid stats are provided so, DYOR too.

drwhobox

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Seed phrase is the most important thing before your device. If someone has your seed phrase they can have the access of your wallet and stole your bitcoins. But if you have a hard wallet only seed phrase will not work, the hard wallet is also needed to get access of the coins. As the coins will be stored in the wallet itself.

ifarted

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge. Will the person be able to withdraw your money or change password and block you from having access to your wallet?

When someone have the seed phrase of the wallet that you are using where you are storing your funds then Yes, someone will be able to steal your money. Seed phrase is enough to access the wallet and the best choice you do is create a new one and transfer the funds right away if you think someone knows the seed phrase.

It's important that no one knows about it and how you keep a back up of the seed phrase and where you save it.

reagansimms

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge. Will the person be able to withdraw your money or change password and block you from having access to your wallet?

The risk is very big if someone can have access to your wallet, all the assets you have can immediately change hands without you knowing it. It is highly recommended to store the seed phase or private key in a safe place. Besides that, always avoid phishing, malware, applications containing viruses or the like that can threaten the safety of the assets you have.

Cases of loss of assets have happened before, hopefully this information can be a lesson for Op and also other users to further improve Wallet security and avoid phishing or the like.

1. https://bitcointalksearch.org/topic/bitcoin-stolen-from-the-address-generated-by-bitcoinvanitygencom-795023
2. https://bitcointalksearch.org/topic/bitcoin-stolen-from-the-address-generated-by-bitcoinvanitygencom-795023.msg8952071#msg8952071

Hackers never stop launching their attacks, one of the methods they use is by spreading phishing links through websites and social media to trap their victims. Always be careful that the assets you store in Wallet remain safe.

Pokapoka124

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge. Will the person be able to withdraw your money or change password and block you from having access to your wallet?

Adding a password to your wallet doesn’t really do much except protect that device, your seed phrase can be imported into another wallet and your password won’t be required. Like Charles-Tim said, if a person manages to get hold of your private keys, he can access your wallet and spend your coins. It’s the reason why bitcoiners have the saying “Not your keys, Not your coins”, so store your private keys offline and keep them safe.

Z390

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Your Seed phrase should be private and if somehow it goes public your assets will be stolen, the only thing keeping your assets safe in your wallet is the recovery seed, do not share with any living soul, some scammers can come online to ask you to share in return with higher number of free coins or tokens it's all a scam, do not listen to such nuisance.

Also, be on watch out for bad links, they consist of different malware and some are good enough that they can gather vital info from your phone or your computer, make sure you don't click any links that any stranger sent to you either via email inbox, text messages or PM through Twitter and other social media, most especially that so called Telegram, there are so many scammers on that app.

tabas

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Short answer: yes.
That person who happens to know your seed phrase will also have access to your wallet because that's what it all takes for someone to recover and import it through seed phrase. That's why we keep it away from anyone and we don't tell it even to the closest people to us. Because you'll never know who have taken your funds if it's recovered by that robber through your private keys or seed phrases.

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge. Will the person be able to withdraw your money or change password and block you from having access to your wallet?

Make efforts to store seeds and or private keys as well as possible and as safely as possible, even be willing to spend money, including avoiding internet connections and keeping investment activities secret from unknown people so as to ensure that all assets are intact in all amounts.

I would say they can perform any action when the private key and or seed is known by someone else.
Use it well and take good care of it before someone else discovers it.
Create security in layers, create strong passwords and avoid sloppiness.
When you don't care, everything is in vain and you will regret it when it happens.

Dunamisx

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Quote from: Godlovesyou on May 15, 2023, 09:00:43 AM

Will someone have access to your wallet without your device but the person manage to see your private keys and copy them without your knowledge. Will the person be able to withdraw your money or change password and block you from having access to your wallet?

Yes, that's very possible, this depends on how you handles your keys, your seedphrase is the ey access to your bitcoin on blockchain, once they take control over your seeds then your wallet is compromised and they have taken charge of it entirely, this calls for you to always safeguard your keys especially when it comes to seedphrase, they are the key access to your wallet and can be imported on any device to have access to your coins on the blockchain.

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