Monday, September 28, 2020
No menu items!
  • News
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Contact Us
More

    Man Who Lost Private Keys to an Encrypted File Containing $300,000 of Bitcoin (BTC)

    Must Read

    Cardano (ADA) Is Up and Running Again On Bittrex Exchange

    According to a recent update, Cardano (ADA), the ninth-largest digital currency by market capitalization, is up and running again...

    World Economic Forum: XRP Is The Most Relevant Digital Asset For Wholesale CBDC

    The World Economic Forum (WEF) has characterized the fourth largest digital currency by market capitalization, XRP, has the most...

    Cardano (ADA), Tezos (XTZ) Are Technologically Superior to Bitcoin and XRP –Weiss Ratings

    Weiss Crypto Ratings, the provider of independent ratings of digital currencies, has recently stated that Cardano (ADA), Tezos (XTZ),...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    A man recently shared the story of how he lost the private keys to an encrypted file containing $300,000 of Bitcoin (BTC), and how a professional cryptographer was able to crack the encrypted file for the successful recovery of the Bitcoin holdings.

    According to the account of the man, in 2016, when the cryptocurrency market was seriously hit by bears, the man purchased about $10,000 to $15,000 of Bitcoin (BTC).

    After the purchase, he placed the private keys in an encrypted file. Unfortunately, he lost the password to the file. The value of the Bitcoin he lost access to has now risen to $300,000. many would have thought he lost the huge sum of funds forever, but that was not the case.

    The Man Gains Access to His Bitcoin (BTC) Holdings

    Luckily, the man regained access to his private keys, but with the help of a man named Mike Stay, a professional cryptographer with special skill in breaking encrypted files.

    Mike Stay informed him that it would take approximately a year for Graphics Processing Unit (GPU) farm to break the encryption. This is because there would be 2^73 keys to test, and the cost of the operation is $100,000. The man agreed due to the worth of Bitcoin (BTC) at stake.

    To make the problem half-solved, the original laptop is still with the man and he still knew the exact time the file was encrypted.

    Howbeit, Mike Stay still had to carry out several complex processes, which included alteration of all his algorithms and fixing some errors.

    As soon as the algorithms started working properly, the cracking of the encryption file for the recovery of the $300,000 worth of Bitcoin (BTC) only took 1 day.

    Conclusively, private keys’ recovery is not one of the easiest tasks in computing. Many cryptocurrency holders have lost their passwords with a huge sum of funds, but little came back with the testimony of a successful recovery.




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Cardano (ADA) Is Up and Running Again On Bittrex Exchange

    According to a recent update, Cardano (ADA), the ninth-largest digital currency by market capitalization, is up and running again...

    World Economic Forum: XRP Is The Most Relevant Digital Asset For Wholesale CBDC

    The World Economic Forum (WEF) has characterized the fourth largest digital currency by market capitalization, XRP, has the most relevant crypto asset for wholesale...

    Cardano (ADA), Tezos (XTZ) Are Technologically Superior to Bitcoin and XRP –Weiss Ratings

    Weiss Crypto Ratings, the provider of independent ratings of digital currencies, has recently stated that Cardano (ADA), Tezos (XTZ), and ten other digital assets...

    Speculation among XRP Investors on Ripple Announcing More Notable Acquisitions Following CEO’s Statement

    There has been a growing speculation among the XRP community members that says that Ripple, the cross-border payment firm, is on the verge of...

    VeChain Integrates Coinbase’s Rosetta to Simplify Blockchain Interoperability

    A few hours ago, VeChain Foundation announced the integration of Rosetta, the Coinbase’s toolkit designed to simplify blockchain development and interaction. The open-source blockchain project...

    More Articles Like This