{"id":7478,"date":"2022-02-10T10:03:15","date_gmt":"2022-02-10T10:03:15","guid":{"rendered":"http:\/\/egrowonline.com\/?p=7478"},"modified":"2022-02-10T10:03:15","modified_gmt":"2022-02-10T10:03:15","slug":"the-hackers-hunting-for-lost-bitcoin-billions","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=7478","title":{"rendered":"The hackers hunting for lost Bitcoin billions"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 397px\">\n<div>\n<div class=\"caas-img-container\" style=\"padding-bottom:56%\"><img decoding=\"async\" class=\"caas-img has-preview\" alt=\"rhonda and megan kampert\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/xDckcgyRgDPr0BodJS3wXw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5Nw--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/mCs4Ecp6BcXPu2M2V7WClQ--~B\/aD01NDk7dz05NzY7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/bbc_us_articles_995\/90e0a712703f587dcec1578c74e89d49\" \/><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">Rhonda Kampert (left) used her recovered Bitcoin to help her daughter, Megan, through university<\/figcaption><\/p>\n<\/figure>\n<p>Rhonda Kampert was an early adopter.<\/p>\n<p>She bought six Bitcoins in 2013, when they cost about $80 each, and were the chatter of niche corners of the internet.<\/p>\n<p>&#8220;I used to listen to a radio talk show and they started talking about crypto and Bitcoin so I got interested,&#8221; she says.<\/p>\n<p>&#8220;Back then buying it was so complicated but I fumbled my way through the process and bought my coins.&#8221;<\/p>\n<p>Rhonda, who lives in the US state of Illinois, spent some of her digital money over the next year or so, then forgot about it.<\/p>\n<p>But when she saw headlines late in 2017 announcing that the value of Bitcoin had risen to nearly $20,000 she excitedly went to her computer to log in and cash out.<\/p>\n<p>Except there was a problem. She was missing some of the login details for her Bitcoin wallet &#8211; a computer program or device that stores a set of secret numbers, or private keys.<\/p>\n<p>&#8220;I realised then that my printout had missed some digits on the end of my wallet identifier. I had a piece of paper with my password but no idea what my wallet ID was,&#8221; Rhonda says.<\/p>\n<p>&#8220;It was awful. I tried everything for months but it was hopeless. So I kind of gave up.&#8221;<\/p>\n<p>Fast forward to last spring and the value of Bitcoin soared above $50,000 &#8211; more than 600 times what Rhonda had paid eight years earlier.<\/p>\n<p>Filled with a renewed determination to find her coins, she hit the internet and came across father and son crypto treasure hunters Chris and Charlie Brooks.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 397px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:56%\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"chris and charlie brooks\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/3lFvSwfEF41WCGpt1YLr_A--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5Nw--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/3NDLOm27Uaws.m7Vifm.6A--~B\/aD01NDk7dz05NzY7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/bbc_us_articles_995\/78f9e81b7397b805b32ed9fa0f335619\" \/><img decoding=\"async\" alt=\"chris and charlie brooks\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/3lFvSwfEF41WCGpt1YLr_A--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5Nw--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/3NDLOm27Uaws.m7Vifm.6A--~B\/aD01NDk7dz05NzY7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/bbc_us_articles_995\/78f9e81b7397b805b32ed9fa0f335619\" class=\"caas-img\" \/><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">Charlie and Chris Brooks say they have recovered Bitcoins worth a seven-figure sum in the past year<\/figcaption><\/p>\n<\/figure>\n<p>&#8220;After talking to the guys online for a while I trusted them enough to hand over all the details I could remember. Then I waited,&#8221; she says.<\/p>\n<p>&#8220;Eventually we sat down together on a video call and watched everything happen. Chris opened the wallet and there it was. I just felt so relieved!&#8221;<\/p>\n<p>Rhonda&#8217;s wallet of three-and-a-half Bitcoin was at that point worth $175,000.<\/p>\n<p>&#8220;I gave Chris and Charlie their 20%, then the first thing I did was take out $10,000 worth of my coins to help my daughter Megan through college.&#8221;<\/p>\n<p><button class=\"link caas-button collapse-button\" aria-label=\"\" title=\"\" data-ylk=\"elm:readmore;slk:Story continues\">Story continues<\/button><\/p>\n<p>She says she&#8217;s keeping the rest locked away in a hardware wallet &#8211; a security device like a USB stick that stores her details offline. The login pin for her new hardware wallet is etched firmly in her memory.<\/p>\n<p>Rhonda is hoping the coins, currently worth $43,000 each, will go up in value again. She describes them as her retirement fund for when she wants to quit her job as a day trader in stocks and crypto-currencies.<\/p>\n<h3>Lost billions<\/h3>\n<p>There are plenty of Rhondas out there who need help.<\/p>\n<p>One estimate from crypto researchers Chainanalysis suggests that out of the 18.9 million Bitcoins in circulation, as many as 3.7 million have been lost by owners.<\/p>\n<p>And in the decentralised world of crypto-currency no-one is in charge &#8211; so if you forget your wallet login details there aren&#8217;t many places you can turn to.<\/p>\n<p>Chris and Charlie estimate that services like theirs, which use computers to try out hundreds of thousands of possible login ID and password combinations, could recover 2.5% of those lost Bitcoin &#8211; worth about $3.9bn.<\/p>\n<p>Chris started his business, Crypto Asset Recovery, in 2017, but stopped and focused on other projects for a while. He then revived it after a conversation with his son, Charlie, a little over a year ago.<\/p>\n<p>&#8220;I was on a break from college, and I had done some travelling but was just home workshopping business ideas with my dad,&#8221; says Charlie, now 20.<\/p>\n<p>&#8220;We came up with the idea of restarting the business so over the next few weeks, we brought servers in-house and fired everything back up again.&#8221;<\/p>\n<p>Working from a workshop in their seaside family home in New Hampshire, the father and son began receiving more than 100 emails and calls a day from potential clients the last time the price of Bitcoin peaked, in November 2021.<\/p>\n<p>Now that it has dropped a little they are working through the backlog of cases.<\/p>\n<p>The business is going so well that Charlie has no intention of finishing his computer science degree. However, the pair joke that they spend their time in perpetual disappointment.<\/p>\n<p>Starting with the faint memory or jumbled paperwork of their clients, which provide clues about possible login details, they say they are only successful about 30% of the time.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 575px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:82%\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"&amp;quot;Cracking the wallet open was a huge adrenaline rush - I guess it&#039;s like a technical version of treasure hunting&amp;quot;, Source: Joe Grand, Source description: Hardware hacker, Image: Joe Grand holding a crypto-wallet\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/0QtvCeEX3pMvh5ZTpd5aPQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTU3NQ--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/C_ZjZhWot0z3PUuoIBdGDA--~B\/aD03NTA7dz05MjA7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/bbc_us_articles_995\/48bcf89987fd10ee13fa2640da42ae69\" \/><img decoding=\"async\" alt=\"&amp;quot;Cracking the wallet open was a huge adrenaline rush - I guess it&#039;s like a technical version of treasure hunting&amp;quot;, Source: Joe Grand, Source description: Hardware hacker, Image: Joe Grand holding a crypto-wallet\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/0QtvCeEX3pMvh5ZTpd5aPQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTU3NQ--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/C_ZjZhWot0z3PUuoIBdGDA--~B\/aD03NTA7dz05MjA7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/bbc_us_articles_995\/48bcf89987fd10ee13fa2640da42ae69\" class=\"caas-img\" \/><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">&#8220;Cracking the wallet open was a huge adrenaline rush &#8211; I guess it&#8217;s like a technical version of treasure hunting&#8221;, Source: Joe Grand, Source description: Hardware hacker, Image: Joe Grand holding a crypto-wallet<\/figcaption><\/p>\n<\/figure>\n<p>Even then, they&#8217;re often disappointed by what they find.<\/p>\n<p>&#8220;Most of the time we can&#8217;t actually tell what&#8217;s inside the wallet so we have to trust the client that there is an amount that&#8217;s worth the work we put in,&#8221; Charlie says.<\/p>\n<p>&#8220;We had a case over the summer where the person told us they had 12 Bitcoin. We were obviously very professional with him but behind the computer screen we&#8217;re like jumping around high-fiving each other, all excited about the potential payday.<\/p>\n<p>&#8220;We spent probably 60 hours of computer server time plus about 10 hours with the client piecing together all the clues he could give us.<\/p>\n<p>&#8220;Then on the video call we cracked it open &#8211; and it was completely empty.&#8221;<\/p>\n<p>Chris and Charlie say that only one client has ever underestimated what was inside his wallet. It turned out to be their biggest haul yet &#8211; $280,000 of Bitcoin.<\/p>\n<p>In the past year they say they&#8217;ve recovered Bitcoins totalling &#8220;seven figures&#8221; in value.<\/p>\n<h3>Hardware hacking<\/h3>\n<p>The father-and-son team are part of a growing industry of ethical hackers using their skills to help people retrieve mislaid crypto-currency.<\/p>\n<p>Another is Joe Grand, who started hacking as a teenager and is well known in the hacking community for testifying before the US Senate in 1998 about early internet vulnerabilities under his internet handle, Kingpin.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 397px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:56%\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"Joe Grand celebrates with client Dan Reich, after unlocking a crypto-wallet containing $2m\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/JdFq3jNuhvuDQdTUGrBgTg--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5Nw--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/IpWSWYrNfgWBXZaXsPv_Tw--~B\/aD01NDk7dz05NzY7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/bbc_us_articles_995\/94a0a48f4c71701036d0dc174a5e6470\" \/><img decoding=\"async\" alt=\"Joe Grand celebrates with client Dan Reich, after unlocking a crypto-wallet containing $2m\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/JdFq3jNuhvuDQdTUGrBgTg--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5Nw--\/https:\/\/s.yimg.com\/uu\/api\/res\/1.2\/IpWSWYrNfgWBXZaXsPv_Tw--~B\/aD01NDk7dz05NzY7YXBwaWQ9eXRhY2h5b24-\/https:\/\/media.zenfs.com\/en\/bbc_us_articles_995\/94a0a48f4c71701036d0dc174a5e6470\" class=\"caas-img\" \/><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">Joe Grand celebrates with client Dan Reich, after unlocking his crypto-wallet containing $2m<\/figcaption><\/p>\n<\/figure>\n<p>He recently made a <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=dT9y-KQbqi4\" rel=\"nofollow noopener\" data-ylk=\"slk:viral YouTube video showing how he cracked open a hardware wallet containing $2m\" class=\"link \">viral YouTube video showing how he cracked open a hardware wallet containing $2m<\/a> of a crypto-currency called Theta.<\/p>\n<p>It took months of preparation and practice hacks on other hardware wallets for Joe to come up with a method in his workshop in Portland, Oregon.<\/p>\n<p>He finally succeeded by combining two previously discovered vulnerabilities with the hardware wallet in question, which showed they can &#8220;glitch&#8221; and give away their pin code if attacked with carefully timed electrical shocks.<\/p>\n<p>&#8220;When you break a crypto-wallet, I mean when you break any security really, it feels like magic no matter how many times you do it,&#8221; he says.<\/p>\n<p>&#8220;Even though I had proven multiple times in my tests that I could hack this wallet I was worried on the day because you never know what&#8217;s going to happen and we only had one shot or the whole thing could break and the coins would be lost forever.<\/p>\n<p>&#8220;Cracking the wallet open was a huge adrenaline rush. I guess it&#8217;s like a technical version of treasure hunting.&#8221;<\/p>\n<p>Joe&#8217;s day job is teaching manufacturers how to secure their products from hackers but he&#8217;s now set up a wallet-unlocking side-business with his first client, Dan Reich.<\/p>\n<p>&#8220;If there&#8217;s big enough wallets and big enough treasure to dedicate my time to,&#8221; he says, &#8220;then we&#8217;re going to try.&#8221;<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/news.yahoo.com\/hackers-hunting-lost-bitcoin-billions-021143875.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rhonda Kampert (left) used her recovered Bitcoin to help her daughter, Megan, through university Rhonda Kampert was an early adopter. She bought six Bitcoins in 2013, when they cost about $80 each, and were the chatter of niche corners of the internet. &#8220;I used to listen to a radio talk show and they started talking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[4891,50,3562,4838,1687],"class_list":["post-7478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-billions","tag-bitcoin","tag-hackers","tag-hunting","tag-lost"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/02\/2d1f8ba23ec606785229265d5dd608d4.jpeg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7478"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7478\/revisions"}],"predecessor-version":[{"id":7480,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7478\/revisions\/7480"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/7479"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7478"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}