Topic: OG Bitcoin Wallet Addresses Suddenly Active - Are they being hacked? - page 2. (Read 313 times)
May 16, 2023, 02:34:40 AM
It is impossible to hack into private keys that are not expose to a third party. If the OG bitcoiner could keep his coins safe for so many years,why did you think that he can't still keep it safe now. It is either the owner has decided to sell off his investment or is moving his coins to a more secured wallet. If it is possible for private keys to be hacked,then our coins are no longer safe which might have a bad effect on bitcoin. I guess your friend is spreading the FUD because he understands coding and he is using this to panic bitcoin investors. Let us be positive for once,when an OG chose to move his abandoned coin to another wallet. Sometimes, it might be that the owner has forgot his password or where he kept his phrase seed and after a long time he saw it,and decided to use or move his coins. We have heard so many old wallet being active after a long period of time,this should let you know that it is normal.
May 16, 2023, 01:22:38 AM
You are kidding right.
This has been long debated in the forum and the odds are so low as to be ridiculous.
I mean theres tons of addresses out there so its like how could you not hit one
Because there are this many possible valid 12 word seeds:340,282,366,920,938,463,463,374,607,431,768,211,456
And there only approximately 30 million bitcoin addresses with balance on them. Divide those two numbers and you get a roughly 1 in 11 million trillion trillion chance of finding a collision. (Now, this is not quite accurate since any seed can generate potentially billions of addresses, but you get the idea.)
If we were talking about 24-word combinations, they are exponentially much smaller.
1 in 11 million, trillion, trillion chance . . . reminds me of the scene from the movie
Dumb and Dumber...
https://youtu.be/nFTRwD85AQ4
Recently I was visiting one of my friends who writes code, he brought up this topic to me recently saying that it seems like old wallets are being hacked into, that hackers have targeted older BTC addresses because of their vulnerabilities and lack of security.
I don’t know why people are always thinking negative about bitcoin, you noticed that some old bitcoin wallet’s are been activate, can’t you just think or make assumptions that the owner of the bitcoin is just trying to change wallet, must you think the wallet have been hacked? Any slight thing happening in bitcoin, then just negative thing that’s always coming to our minds, I think it’s just better we stop sharing negative news about bitcoin, let’s try and be positive.Could it be that folks have figured out how to crack the codes on these old private keys? IF so, they are seeing some massive pay days, EH?
Maybe not, maybe the owner of the bitcoin just decided to move his bitcoin to a more secure wallet. Even if bitcoin have been inactive for long time, we all know the bitcoin belongs to someone, if the person haven’t lost his/her private key, then time will come when the person will activate the wallet, but that those not mean the person is trying to sell off the bitcoin or the wallet have been hacked.I would never have automatically thought that just because an old wallet address
became active it meant it had been hacked, I would automatically think someone
was spreading FUD or just making wild assumptions.
May 16, 2023, 01:18:38 AM
Recently I was visiting one of my friends who writes code, he brought up this topic to me recently saying that it seems like old wallets are being hacked into, that hackers have targeted older BTC addresses because of their vulnerabilities and lack of security.
I don’t know why people are always thinking negative about bitcoin, you noticed that some old bitcoin wallet’s are been activate, can’t you just think or make assumptions that the owner of the bitcoin is just trying to change wallet, must you think the wallet have been hacked? Any slight thing happening in bitcoin, then just negative thing that’s always coming to our minds, I think it’s just better we stop sharing negative news about bitcoin, let’s try and be positive.Could it be that folks have figured out how to crack the codes on these old private keys? IF so, they are seeing some massive pay days, EH?
Maybe not, maybe the owner of the bitcoin just decided to move his bitcoin to a more secure wallet. Even if bitcoin have been inactive for long time, we all know the bitcoin belongs to someone, if the person haven’t lost his/her private key, then time will come when the person will activate the wallet, but that those not mean the person is trying to sell off the bitcoin or the wallet have been hacked. 
May 16, 2023, 12:56:07 AM
Could it be that folks have figured out how to crack the codes on these old private keys? IF so, they are seeing some massive pay days, EH?
If you believe this, what makes you believe that newer private keys are safe, if there is a way to hack private keys then no key is safe. With the technology available today, there's no way someone can hack your private key or seed phrase, except you expose it to them. Funds can remain inactive in wallets for very long, and it does not mean that the funds are lost, and whenever the funds are moved it does not mean it has been hacked, the owner of the funds can be the one who has decided to move it. 
May 15, 2023, 11:53:55 PM
MtGox aside, why can't people just make the assumption that maybe, just maybe, that OG bitcoin holders just want to move their funds? Why does it always have to be something very bombastic like a mass hacking?
May 15, 2023, 11:28:51 PM
the address of funds of the 6071btc. lead back to a MTGox stash that was seized by authorities. i guess the us gov now wanted to move the coins in preparation to sell them for the liquidation courtcase to pay off the creditors
yep the reason for no movement for 10 years is due to mtgox being in bankruptcy court case for 10 years
yep the reason for no movement for 10 years is due to mtgox being in bankruptcy court case for 10 years
May 15, 2023, 11:10:06 PM
If old OG wallets are moved it’s because they are sending to a newer wallet with better security. Doesn’t mean they are hacked.
If it was possible they wouldn’t hack old wallets they would just try and hack satoshis wallet and then they would take a large short on the perpetual futures and make tons of money due to the panic they would cause that satoshi is selling his coins.
If it was possible they wouldn’t hack old wallets they would just try and hack satoshis wallet and then they would take a large short on the perpetual futures and make tons of money due to the panic they would cause that satoshi is selling his coins.
May 15, 2023, 10:11:40 PM
You are kidding right.
This has been long debated in the forum and the odds are so low as to be ridiculous.
I mean theres tons of addresses out there so its like how could you not hit one
Because there are this many possible valid 12 word seeds:340,282,366,920,938,463,463,374,607,431,768,211,456
And there only approximately 30 million bitcoin addresses with balance on them. Divide those two numbers and you get a roughly 1 in 11 million trillion trillion chance of finding a collision. (Now, this is not quite accurate since any seed can generate potentially billions of addresses, but you get the idea.)
If we were talking about 24-word combinations, they are exponentially much smaller.
May 15, 2023, 10:03:16 PM
It is impossible to break private key and steal it.
You are kidding right.
May 15, 2023, 10:01:36 PM
Recently I was visiting one of my friends who writes code, he brought up this topic to me recently saying that it seems like old wallets are being hacked into, that hackers have targeted older BTC addresses because of their vulnerabilities and lack of security.
Could it be that folks have figured out how to crack the codes on these old private keys? IF so, they are seeing some massive pay days, EH?
It is impossible to break private key and steal it.Could it be that folks have figured out how to crack the codes on these old private keys? IF so, they are seeing some massive pay days, EH?
It is possible for someone to get access to a very old disk then successfully access an unencrypted wallet file or break a wallet file with encryption. It is a more realistic case if you are discussing about wallet hack.
However, above all, there are many possible scenarios why coins from old eras are moved in this year. They can move their coins from old wallets to new wallets. From a single signature wallet to a multi signature wallet, cold wallet, and something else.
Such transactions does not always mean old wallets were hacked.
May 15, 2023, 09:39:45 PM
Recently I was visiting one of my friends who writes code, he brought up this topic to me recently saying that it seems like old wallets are being hacked into, that hackers have targeted older BTC addresses because of their vulnerabilities and lack of security.
I thought that was very interesting and since he is a tech savvy coder his use of relevant jargon and explanation was so good, I just wish I remembered exactly how he put it. I did a quick search though and found this relevant article: https://cryptoslate.com/old-wallets-activate-sparking-fears-of-mass-hack-targeting-bitcoin-veterans/
Could it be that folks have figured out how to crack the codes on these old private keys? IF so, they are seeing some massive pay days, EH?
I thought that was very interesting and since he is a tech savvy coder his use of relevant jargon and explanation was so good, I just wish I remembered exactly how he put it. I did a quick search though and found this relevant article: https://cryptoslate.com/old-wallets-activate-sparking-fears-of-mass-hack-targeting-bitcoin-veterans/
Could it be that folks have figured out how to crack the codes on these old private keys? IF so, they are seeing some massive pay days, EH?
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