A cryptocurrency investor on Reddit shared a lecture story.
We often come across hacking incidents in the crypto money industry. Hackers who try to steal people’s cryptocurrencies can sometimes cause thousands of dollars and sometimes millions of dollars of damage. The damage of a user named tycooperaow on Reddit is around $ 1200.
Crypto money thieves use different methods to steal people’s money. Some are stealing with phishing, some with SIM card fraud. Some hackers collect ‘mnemonic phrases’ (the 12-word code that replaces the private wallet key) on the Internet and infiltrates people’s wallets. It takes only a few minutes for hackers to empty those wallets after this stage.
$ 1200 per 100 Seconds
ETHGlobal started receiving applications for HackMoney hackathon a few weeks ago. Hackers from all over the world participate in this program and show their skills and compete with each other. In this contest where names such as Vitalik Buterin are among the jury members, hackers can compete in teams. Hackers who win Hackathon will be able to receive money from the $ 30,000 prize pool and work with Ethereum developers.
The user named tycooperaow on Reddit also created a repo on GitHub to apply for this hackathon a few days ago. Unfortunately, Tycooperaow put his 12-word code on the repo and forgot to delete it after putting it. Hackers who set up a special bot to detect mnemonic phrases on GitHub soon found the code of tycooperaow. It took 100 seconds for hackers to infiltrate tycooperaow’s wallet and steal the $ 1200 ETH in the wallet.
Tycooperaow says that this should be a lesson for both him and other investors, and says that he will do much more to protect his wallet from now on. Tycooperaow’s advice to other investors is that their private keys are “not kept on any online platform”.