Since no financial institution supervises cryptocurrencies or stores the assets and private keys of the users. An individual investor is solely responsible for holding them. The thing is that they can run the chances of losing access to their crypto wallets for a variety of reasons.
An American computer engineer and hardware hacker, Joe Grand assist them in regaining access to their Bitcoin (BTC) wallets when people lose access to their devices or accounts.
Lavar Sanders locked himself out of the phone he thought might contain millions of dollars, so in one of his efforts, he assisted Sanders in gaining access to the cryptocurrency on the device.
In a YouTube video posted on June 23, Grant takes the audience through the complete process. While talking about his work in the video he says that if devotes enough time and resources, anything can be hacked. Hacking also involves not knowing what could happen regardless of how many times a person has executed it before. “It always feels like magic,” adds Grant.
The risk of something being messed up is always there, Grant says, “, especially with the type of attack I was doing.”
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Grant goes on to perform his magic. It somewhat follows the procedures that involve first doing the extraction of the device’s memory, searching for the location where unlock swipe password was stored, receiving wallet access, and checking for money in it.
In about a week, the process was completely done however the final outcome was dissatisfying. It was disclosed that Sanders has done overestimation the value of Bitcoin his wallet contained. At the time of making the video, he only had around 0.00300861 BTC worth approximately $105.
At the time of writing, the top crypto asset was trading at $21,104.67, up 0.54% in the past 24 hours.
However, there was still one more encrypted wallet that could be accessed, so there was still some optimism that the effort wasn’t in vain. In the end, it wasn’t. Sanders lost most of the money in his pocket, but what was left was still more than his $400 investment from July 2016.
Finbold indeed detailed how Joe Grand and electrical engineer Dan Reich successfully cracked a Trezor One hardware wallet containing more than $2 million in cryptocurrency at the time. They published a YouTube video explaining the entire procedure, to which Trezor replied that the exploit they had exploited had already been patched.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/06/26/hacker-recovers-this-much-amount-after-a-person-locks-phone-with-6-million-in-crypto/