A tech entrepreneur has found himself in a high-stakes crypto drama, after hiring a crypto recovery company to retrieve his Bitcoin wallet holding assets worth $600,000. The recovery process has unearthed fatal flaws in millions of Bitcoin wallets.
Unciphered Team Reveals Bitcoin Wallet Vulnerabilities
A tech entrepreneur and investor’s hunt to recover his lost BTC assets has led to a major discovery revealing significant vulnerabilities in Bitcoin wallets.
The entrepreneur had hired a crypto recovery company, Unciphered to retrieve his Bitcoin wallet which held at least $600,000 in BTC. While trying to regain the wallet’s password, Unciphered stumbled upon irregularities in BitcoinJS, an open-source Bitcoin library and ecosystem using JavaScript.
The crypto recovery company stated on X on Tuesday that it would be revealing details of the process of the discovery. They also said they would provide insight into the flaw they termed Randstorm, which has the potential to affect millions of browser-generated crypto wallets.
Unciphered spoke directly to the Washington Post, stating that the BTC wallet vulnerability was caused by an inadequate random key generation. According to the crypto rescue solutions provider, the flaw poses a significant threat to Bitcoin wallets, especially ones created before March 2012. Unciphered also revealed that the vulnerability extends to wallets created around 2015 and 2016.
“Every man-made technology contains flaws that originate within its creators,” co-founder of Unciphered Eric Michaud stated.
The crypto recovery company has said that the wallets on the above-mentioned date are presently at risk of exploitation and possible financial theft from average crypto hackers.
The company revealed enough information to caution BTC wallet users, while also refraining from going into too much detail to avoid potential hackers from using the information for malicious purposes.
“They’ve been able to keep this under wraps for 20 months, which is insane, and that’s what’s required. The ability for people to take advantage of it is extremely high,” Cybersecurity Expert, Dan Guido stated.
Tech Titan’s BTC Remains Unrecovered.
While the news of significant flaws in BitcoinJS has rocked the crypto community, the operation that led to the discovery remains unsolved.
Unciphered has been unable to crack the code to unlock the entrepreneur’s wallet. However, the procedure could have proved successful if the entrepreneur’s wallet was among the Bitcoin wallets said to suffer the vulnerability discovered by Unciphered.
The entrepreneur has stated that he was happy to help millions of Bitcoin wallet users even though he is unable to retrieve his $600,000 worth of BTC.
by Scott Matherson via Bitcoinist.com
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