Topic: Crypto whales hacked, lost $15M BTC and $30M BCH - page 2. (Read 663 times)

We don't know, just take this post with a grain of salt. There's no way people would donate to that guy, he's a millionaire! but pretty clumsy with his security. It's just that if this is true then there's a potential for the market to tank soon when they start selling Bitcoins and BCH. This amount is not a joke, it's pretty huge.

Maybe this was a way to avoid any tax for that huge amount? possible in my opinion.

We will never know,
But the owner provided a link from his tweet to see the transaction and he is willing to give a reward for whoever can help him. This looks legitimate to me.

And yes, it will really have a drastic effect in the market, this is a huge amount of money and that can drop the price anytime soon.

Is it true? There's a possibility that this is false news since many people wanted to down BTC.

It might result in drastic changes since whales have a great factor in the flow of the cryptocurrency market.

Even if you have expertise in cybersecurity, hackers can get what they want especially if it's a group. That's why it's one of the disadvantages once crypto was adapted to be the main currency or use it as a huge business. One of the results also, people will give negative thoughts about crypto regarding this situation.

As I can see, SIM Swap was used to conduct this fraud. I have seen in Reddit that a lot of users were blaming the victim, saying that he put too much coins in a single wallet. But I don't really agree with them. Sim swap is not easy to carry out, and rather than the user, the telecom company should take the blame. Here in India, SMS services are deactivated for 24-hours after the SIM swap. It helps to minimize fraud using this method.

Now someone else is going to be that whale or a number of new whales.

It's interesting that if you manage to hold on to a large amount of  BTC you're eventually are going to be in the 0.1% elite of the BTC world because the number of holders will continue to drop. Some will lose their coins by forgetting passwords or some technical problems, some will get hacked, some will get scammed or simply sell because taking profit will be too tempting.

5 years from now when you hear about a whale losing his wallet it's going to be someone with 10 BTC, not 1000, like it is today.

First of all, remarks that circulate on the Web are all questionable. If this was really true, it is very alarming especially that the mentioned individual involved in the case is claimed to be a security expert. In this case, it demonstrates that the expertise of this person is also questionable because of the portrayed safety precautions and poorly taken into account and strategized. Web crimes such as hacking can happen all the time but could be avoided through thorough strategizing the safekeeping of cryptocurrency and taking safety measures as high as possible.

We can't avoid those kind of hacking of bitcoin by the other people but we can be able to lessen this kinds of incidents by splitting our bitcoin and other cryptocurrency in different wallet in order to be more secured and never give the private keys of each wallet so that you are aware that you are the only one who has the access to your wallet and also if you are a crypto whale and which you are holding so much bitcoin and bitcoin cash then probably you must be able to know what to do to avoid or lessen just kind of incidence.

These hacks, now and then, are a major reason the crypto business is still scary. One would think one already had the cryptos secured in a wallet (even with private keys) only to discover upon login that one had been hacked. Nevertheless, if I were the victim of that hack I wouldn't be putting all my BTC in a single wallet. I would split that into (at least) 10 different wallets.

What a big loss, miners should cooperate with this problem so the hackers cannot get hold of this amount as it can surely affect the market if it will be dump.

The owner should also announce the exact amount that he/she is willing to give to those who can help him/her so it can give attention to those who have control over this transaction. I am not really familiar with SIM hacked but I knew already how scary it is as it was able to penetrate this amount.

Possibilities are there for this reason, knowing that he's a so-called whale give people ideas that he knew the importance of securing his funds.
Though it's also just an opinion and we really can't say what's the real score the matter right now is to how we can balance our decision making
just in case there's movements that will take place after this news.

What if this was just stage to creatr FUD since we are near halving?
And the question is why didn't the whale secure it on a hardware wallet since it is a huge amount.

Really a sad news but this is just one proof that crypto is very vulnerable to hacks and we must double our security with regards to the coins we are holding especially if we are holding huge amount.

At the time that is posted on twitter, nothing really happened that much with either BCH or BTC although it went down slightly from its previous price on a daily chart. Probably the hacker didn't sold either BCH or BTC yet or it has been sold days ago before the post (probably 3 days ago before the post where there is a huge red candle on the chart).

With this, I'm expecting for a further downside in the next few days.

I am really saddened after hearing this news, this is just insane. I don't know how much true the news is but feel sorry for him, let carelessness be a way on the other hand security systems need a strong enforcement to stop all these things.

Also I don't have any idea about how the miners would help to recover his stolen coins.

It's not a phone hack, it's a 2FA hack. It wouldn't matter if they hijacked your sim if a wallet was on there. You'd still be in control of the data on there. Presumably it's an exchange account or even some online wallet.

Sounds like bull, someone would need to be a Billionaire to be that careless with $45 Million on a cell phone. Stories like these make people worry about BTC, when it is actually still safe.

Don't be a twat. Miners will abandon any pool in seconds that takes that idea seriously. A mining pool is not a miner and never, ever will be. Miners know better than to even voice the idea. 15 million is fuck all and no one's going to care other than the owner.

BCH however.... - https://www.removeddit.com/r/btc/comments/f7lbae/30m_bch_sim_hack/

These hacks happening here and there, it's really giving the traditional finanacial institutions an edge against cryptocurrency. With the way things are going,  no one is perfectly safe in this space as all your life savings and investment might be gone within a blink of an eye. I don't know if it's right to say this, but i think crypto isn't really the best assets to put in all your life savings

That should've happened minutes after the hack if that was the case. This is a scenario in which you have to act quickly. Otherwise, someone's gonna be really damaged from this theft.

If the hacker manages to put their coins in a coinjoin/mixer and spend the BTC and BCH on stuff and then the reorg happens, the products will be delivered basically for free to the thieves and a LOT of Bitcoin users will be affected. Possibly even the reader of this reply, if they had a BTC transaction after the hack and part of the funds (or the entirety) comes from one of the many addresses the hacker had.

The Beijing police won't do shit. Ordering the pools to do a rollback would affect even the largest companies in the world and a reorg will come with a cost. Binance had a $40M hack last year and the reorg idea came up too. However, Changpeng Zhao from Binance tweeted out saying it's a bad idea for a good reason.

First thing that came up in my mind when I read "reorg" in your post was the credibility of Bitcoin. If hacks would lead to the reorg in order to reverse them every time, it would literally be manipulating the blockchain. If so, then how will the miners ensure me they are not going to do a reorg with malicious intentions behind it? I would personally start becoming skeptic and doubt the future of BTC if we ever head that way.

If the police can order that, then it means they can also order the reorg when I spend my BTC in a way they consider suspicious, if I go through a mixing service or, worse, they can seize anyone's funds that way.

There are too many consequences. It's just not worth it. If one is dumb enough to not secure their MILLIONS, then it's their fault. Nobody will reverse time in the Universe if you leave 100kg of Gold uncovered in front of your porch.

That twitter account does not have much credibility. I remember it posting fake news about Chinese president banning cryptocurrencies a few months ago and that coincided with that first dump belo 10 thousand dollars in 2019.

I wouldn't call that news bad for BTC or BCH. He was careless if he kept everything on a single address with only a phone numbre protection. SMS verification is an old system that was popular before authenticators and hardware wallets were made. It may be good for your bank where there are rollbacks but not your crypto.

There has been some talk in chinese twitter that BeiJing police could (in theory) order the biggest 3 mining pools to do an reorg to get the stolen coins back. So fragile the bitcoin network currently is