Blockchain “bandit” stole 45 000 ETH by guessing an electronic wallet's private key. He has managed to capture so much Ethereum, it would have been worth up to 50 million USD during periods with peak price.
Adrian Bednarek, security analyst continues: “I have spotted a person, whose electronic wallet's public address was siphoning money from other electronic wallets, which had access to. To some wallets we had access too and we found together 735 hacked private keys. In 12 cases, theft happened in the wallet we had direct access to. This person was going around, over and over, until new means landed on the wallet just to be immediately transferred elsewhere.”
Instead of using brutal computing power to guess the private key, the bandit bet on poor and weak spots in random password generator. Sometimes only a small error in the code is enough to open space for trouble.
“It is statistically improbable someone would breach the private key.” Bednarek adds.Security in crypto is of utmost priority and people should start themselves, by creating sturdy passwords and e-wallet protection. Don't be unconcerned and pay special attention to private key creation, as you are going to use it for several years. Then it is important not to store the private key on a computer or other smart devices. Store it securely by, for example, writing it down on a sheet of paper and add it to your family documents.