Popular hardware hacker Joe Grand, also known as “Kingpin” in the hacker community, has successfully cracked a long-lost, time-locked Bitcoin wallet from the Satoshi era, containing $3 million worth of Bitcoin.
As reported by Wired on May 28, this modern-day digital treasure hunt began when an unfortunate crypto holder from Europe reached out to Grand for help. The wallet’s password, generated by the password manager RoboForm, had become corrupted, locking the owner out of their 43.6 fortune acquired in 2013.
What seemed impossible to many experts turned into a triumphant retrieval. Grand, with his hardware hacking expertise, unlocked the wallet, giving the owner access to their long-lost cryptocurrency wealth.
The wallet’s owner had amassed Bitcoin in 2013 when the cryptocurrency was in its infancy and worth significantly less than it is today. However, the owner could not access their digital fortune for a decade due to a corrupted file storing the wallet’s password.
Upon receiving the request for help, Grand embarked on a complex journey to crack the wallet’s password. Unlike his previous exploits, this task was particularly challenging due to the nature of the wallet’s password-generation process. RoboForm, a password manager known for its robust security features, generated the password.
Grand and his German friend discovered a flaw in the wallet owner’s specific version of RoboForm. This flaw made the password generation process less random, allowing them to narrow the possible passwords to a particular time range, as per the report.
After meticulously analyzing the RoboForm version and narrowing down the time frame for the password’s generation, Grand and his friend successfully cracked the wallet’s password.
With access to the wallet restored, the owner now possesses their $3 million Bitcoin fortune. Considering the significant appreciation of Bitcoin’s value over the years, the owner is patiently waiting for the cryptocurrency to reach six digits before making decisions regarding their newfound wealth.
This successful retrieval of a long-lost Bitcoin wallet is a testament to cryptocurrency’s resilience and the innovative spirit of the hacker community.
In 2022, Grand, a well-known hardware hacker, gained attention for helping a crypto wallet owner recover access to $2 million in cryptocurrency. This individual had forgotten the PIN to his Trezor wallet and believed his funds were irretrievably lost.
Bitcoin Price History and Future Predictions
Bitcoin started with a value of zero when it was launched in 2009. By October 26, 2010, its price had risen from $0.10 to $0.20, reaching $0.30 by the end of that year. In 2011, Bitcoin’s price surged past $1 and peaked at $29.60 on June 8, but a significant market downturn followed, bringing the price down to around $5 by year-end.
In 2012, Bitcoin saw modest growth, gaining a few dollars. However, 2013 was a breakthrough year, with the price starting at $13, surpassing $100 in April, and reaching $200 by October.
Various analysts support predictions for Bitcoin’s price, including targets of $95,000 by June and $150,000 by year-end. BitQuant, which forecasted the $95,000 mark, recently advised against worrying about short-term dips, expressing confidence that Bitcoin will hit this target.
I don't know what the mass media is telling you or what geopolitics will bring. The only thing I'm confident about is that #Bitcoin is going to $95K. https://t.co/GTuQErzWLq
— BitQuant (@BitQua) May 22, 2024
If the wallet owner waits and the $95,000 prediction materializes, his 43.6 BTC fortune will be worth approximately $4,142,000. If the price reaches $150,000, his fortune will be worth approximately $6,540,000.
