A hacker assisted two cryptocurrency investors in recovering millions of dollars in cryptocurrency. The hacker, who has a sizable YouTube following, put this on his channel, documenting how he was able to assist someone in reclaiming their money. Over the course of three months, hacker Joe Grand gained access to a Trezor hardware wallet.
The wallet is reported to be the property of two buddies. They had purchased the fast-growing digital asset Theta in 2018 and had stored it in a Trezor hardware wallet. However, when they returned to retrieve their valuables, they discovered that they had forgotten the password and pin to access the device. After 16 failed tries to re-enter the device, the Trezor wallet was reset to factory settings. This meant that the investors could no longer obtain their cryptocurrency because it had been locked.
Dan Reich, one of the wallet’s owners, met up with Joe Grand, planning to hack into the gadget. Grand said that he had worked with the previous design aspects of Trezor wallets to alter them in order to learn how a device like this functioned. Essentially, the private key or PIN is usually temporarily relocated to RAM in these versions. Grand had to determine out where they were kept in RAM.
Grand was able to effectively carry out the hack and gain access to the device, which had more than $2 million in Theta. The YouTuber claimed that the hack occurred last year but was only recently made public via YouTube.
The video Grand shared sparked discussion in the community. Users were mostly concerned about whether the hacker’s vulnerability to recover the encryption was still present in the gadget and others like it.
Trezor moved to Twitter to dispel any notions that the vulnerability was still active, stating that it was addressed in 2017, as Grand himself stated in his video.
So far, the cryptocurrency Theta has been one of the strongest performers in the business. When Dan Reich and his friend purchased the digital asset, it was still selling at $0.21 per unit.
Not only has the project increased in popularity since then, but the value of the tokens has surged. It consistently grew up to $2 in the first quarter of 2021. However, the coin’s popularity and the price skyrocketed in April. It has risen to a new all-time high of $15.
Grand revealed in May of last year that he had successfully hacked the device, potentially allowing the investors to sell at a higher price. Since then, Theta’s price has plummeted to $2.92, representing a loss of more than 86 percent of its ATH value.
