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Bitcoin Price Prediction as $3M Wallet Hacked via Roboform Flaw – What’s Going On?

Arslan Butt
Last updated: | 3 min read
Bitcoin Price Prediction
Bitcoin Price Prediction

In a surprising turn of events, researchers cracked an 11-year-old crypto wallet containing $3 million in Bitcoin by exploiting a flaw in an outdated version of the RoboForm password manager.

This breakthrough not only recovered a significant amount of lost Bitcoin but also raised important questions about Bitcoin price predictions and the security of long-term crypto storage.

Key Points:

  • $3 million in Bitcoin recovered by hacking an 11-year-old password manager.
  • Michael’s initial investment was $5,300 in 2013.
  • Success achieved by using the 2013 version of RoboForm.
  • Highlights the importance of keeping software updated for security.

$3M Wallet Hacked via Roboform Flaw

A team of researchers successfully recovered a crypto-wallet containing $3 million worth of Bitcoin by hacking an outdated version of the RoboForm password manager. This remarkable discovery came from a sophisticated hack into an 11-year-old software.

  • The Initial Challenge: Two years ago, a European Bitcoin holder named Michael reached out to hardware hacker Joe Grand. Michael had stored his Bitcoin in a virtual wallet secured with a 20-character password generated by RoboForm and encrypted with TrueCrypt.

  • Unfortunately, the file became damaged, and access was lost. Initially, Grand declined, feeling his hardware expertise wasn’t relevant to software wallets. However, Michael persuaded Grand and Bruno, a hacker acquaintance, to tackle the challenge.
  • The Breakthrough: Grand and Bruno decided to use the 2013 version of RoboForm, discovering that the password generator was linked to the date and time settings. By setting their computer to a date in 2013 and making several attempts, they managed to generate the correct password.

  • The Rediscovered Wealth: This success allowed Michael to regain access to his Bitcoin wallet, which originally held approximately $5,300 in Bitcoin in 2013. With Bitcoin’s price surge, Michael’s investment grew substantially. After recovering his wallet, he sold some Bitcoin at $62,000 per BTC and now holds 30 BTC, worth around $3 million today.
  • Lessons and Insights: This case highlights the importance of software updates for security. RoboForm’s issue was addressed in a 2015 update, yet it shows that outdated software can pose significant risks. Grand emphasized that their success was a mix of luck and skill, and Michael’s story serves as a reminder of the potential long-term value of holding onto cryptocurrency.

In conclusion, this story not only showcases a technical achievement but also underscores the potential financial gains and risks associated with cryptocurrency investments.

Bitcoin Price Consolidates Near $68,500

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