Hackers Are Trying To Crack Bitcoins Encryption

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Hackers have been investing countless hours into braking encryption. For years now, some have been trying to break into bitcoin wallets that contain vast amounts of coins. One of those wallets reportedly holds over $740 Million worth of Bitcoin. These hackers are not giving up any time soon.

Cracking Private Keys

Apart from cracking wallets, hackers are moving around different files. Some claim that the files contain private keys to wallets containing large amounts of coins. It is unknown if this is true or not and how the hackers got the keys.

Apparently, the largest difficulty that hackers face is the wallets password protection system. Bitcoin wallets are secured by a very complex password system. That password system is designed to protect people from unauthorized break-ins into wallets.

Additionally, reports claim that the wallets dat file is protected using very tough encryption. To break such an encryption would require countless time and processing power. The existence of these securities makes it almost impossible to crack bitcoin wallets. The only way this would be possible is using quantum computers with number of q-bits yet unseen.

Although it may seem impossible to crack a bitcoin wallet, hackers are not giving up anytime soon. Hackers are intending to one day break bitcoins encryption, no matter what it takes. Cybersecurity expert Alon Gal tweeted on the situation. Gal mentioned the appearance of a wallet worth $740 Million on underground forums. Reportedly the wallet was mentioned on the hacking forum "RapidForums".

RapidForums hosts a small hacking community. That community consists of people trying to crack bitcoin. The platform notable evolved to provide hacking as a service to interested clients.

One other similar forum is "All Private Keys". This forum hosts a marketplace that specializes on hacking services. The forum also provides break-in attempts into cryptocurrency wallets for interested buyers.

The chief technology officer of the cybersecurity firm Hudson Rock has also made an observation. He noted that a host of hackers have decided to give up on the bitcoin cracking attempt. After two years of rounds trying to crack the keys, many have lost hope.

Some cybercriminals resorted to the sale of the dat file of the bitcoin wallet. This raises some questions about the bitcoin stash and about its existence.

Does the Wallet Really Contain Funds?

Bitcoin Rich List is a website that tracks and ranks bitcoin wallets by their holdings. According to this site, the bitcoin stash hackers are trying to crack ranks in the top 10 wallets.

Despite all the attention that this bitcoin wallet received, it is unknown if the wallet is real. There is a lack of guarantee that the 69,370 BTC are actually in that wallet.

The pseudonymous outfit who operates Wallet Recovery Services “Dave Bitcoin” spoke to Vice News. He reflected on a few possibilities regarding the wallet. One of them is that someone just chose to create that dat file and lie about the bitcoins in it just for attention.

The Pseudonymous went on to say about how easy it is to fool someone this way. To put it simply, tools to alter the private key and link it to another wallet exist. If such a tool was used then the wallet is probably fake and just creates the impression that there are coins in it.

Roman Potemkin, the creator of the digital wallet service Trastra also mentioned some concerns on the wallet. He mentioned that the wallets authenticity is questionable. Potemkin acknowledged the possibility of a faked bitcoin balance.

The experienced entrepreneur intimated the importance of the "proof of funds" mechanism. This mechanism allows people to check if a wallet really contains funds. The mechanism involves seller verification of funds by using time-stamps on the blockchain.

However, the fact that the wallets private key is unknown the mechanism cannot be used. To use the "proof of funds" algorithm full wallet access is required.

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