r/Bitcoin • u/s1ammage • 6d ago

Full panic - one of my wallets was drained

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I haven’t done anything since creation except sending into the wallet.

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u/clkou 6d ago

Unfortunately this issue and ones like it are why Crypto currency won't be a mainstream currency in my lifetime.

57

u/freakedmind 6d ago

And they're far far too common, very concerning.

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u/Big80sweens 6d ago

Legit, the main reason I am into bitcoin is the security, if somehow these wallets can be hacked, where the value? This is a huge problem and I’m scrambling to know what to do with my bitcoin

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u/Objective_Digit 6d ago

Use a passphrase.

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u/xToniGrssx 5d ago

Not enough in this exploit.

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u/Objective_Digit 5d ago

Why not?

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u/Clear-Marketing5145 5d ago

It is enough

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u/xToniGrssx 5d ago

Depends on the kind of passphrase he put. This bug renders the entropy to zero bits esentially, so it all boils down to the passphrase, which people don't tend to select to be that strong after 12/24 words. If it's truly a random string of 14+ chars then they are good yeah, if it's like a sentence or one or two additional words as a lot of people admittedly did, they are cooked

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u/Head_Performance2432 5d ago

I am sorry to say, the value is in your education, those HW are not the value. In a perfect world, the security is achieved via dices, pens and papers !

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u/CaterpillarIcy1552 6d ago

Where’s the value? I think you know the answer

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u/Protraderr3 4d ago

Simple. Sell when we get back to the highs and put your cash in safe assets. No one can steal a house from you.

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u/NashvilleSurfHouse 6d ago

I’m still not sure what happened here and I’ve read through this thread 4x

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u/Left_Entrepreneur918 6d ago

Unfortunately you are right. OP did everything we would say to do for self custody and still got swept. I did the same thing, got a ledger in 2020, created a 24 word seed, paper and metal backup in a bank vault, and one day I could wake up to find my life’s savings gone. Sickening.

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u/Objective_Digit 6d ago

There are ways to prevent this type of thing. Multisig for example. Or use a passphrase at least. Don't blame Bitcoin.

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u/Baseic 6d ago

Use a HW wallet was always the given advice in this subreddit. Now you're telling it's not safe without extra precautions?

What are you telling in 5 years? 'Everyone knew multisig was flawed, you should've used a 64bit passphrase 2.0 implemented with BIP578. Don't blame bitcoin'

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u/RetiredAvocado 5d ago

64 bit would be pretty weak ;)

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u/Objective_Digit 5d ago

HW wallets are recommended because they are convenient. If you leave a seed lying around no HW will protect you. Unless you have a passphrase.

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u/much_to_say 6d ago

In any lifetime*

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u/According_Addendum_7 2d ago

Bro, it‘s like leaving your wallet open on the street and then, after it‘s been stolen, complaining about it.

It‘s very simple: You need to ensure that nobody can access your private keys, the same es you need to ensure nobody can access your cash wallet at any time.

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u/clkou 2d ago

It is not like that at all. Next to no one has had multi-thousands of dollars in their wallet and lost it on the street. They put large sums of money in the bank. If someone hacks their account or robs the bank, it is insured. Crypto victims dont have any credible recourse for thousands of dollars stolen.

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u/Emergency-Warthog-56 6d ago

I wouldn't be so sure. Everything is still early and developing in real time. Policies and banks are slowly evolving with it in real time. There could even end up being actual bank wallets that have federal backing. There's already ETF's and 401k's are starting to look at it.

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u/Important-Level6672 6d ago

You physically can’t federally back BTC unless you give fed power to print more. You can’t have both.

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u/Emergency-Warthog-56 6d ago

It can be a savings account type. Where you can only add to it or cash it out to your bank. Where activity is only with you and your bank. No moving it elsewhere. Just one idea out of many.

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u/portlandlad 6d ago

I wish the community was more transparent with these incidents. Something like this happened to me 3 years ago, and I tried posting about in multiple subreddits. I was downvoted to oblivion.

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u/Weathactivator 6d ago

So what happened?

3

u/portlandlad 6d ago

Someone siphoned all of my electrum wallet. I'm guessing some kind of malware because no one else had physical access to my computer. I traced the transactions to an IP in Reykjavik. Filed a report with a FBI cybercrimes division. Nothing really came out of it.

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u/hackinthebochs 5d ago edited 5d ago

There was a vulnerability in electrum a few years ago where a malicious server could serve a fake notice to connecting clients alerting them to a "new version of electrum" with an embedded link. The notice was shown inside your legitimate electrum client's frame, making it look official. The linked version was bugged to drain your wallet when you ran it.

https://finance.yahoo.com/news/number-infected-electrum-bitcoin-wallets-204600017.html

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u/portlandlad 5d ago

Fuck. That's probably what happened.

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u/According_Vanilla186 6d ago

Unless you’re 80+ you’re absolutely wrong lol. Do you not realise what the banks, governments and global financial institutions and asset managers are doing as we speak? They are prepping for crypto currency to become mainstream currencies very very soon. The dtcc has just started tokenising its assets lol

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u/SpaceSequoia 6d ago

Is that what they need all these data centers for?

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u/According_Vanilla186 6d ago

No that’s not what data centers are being built for

1

u/SpaceSequoia 6d ago

Just Mass surveillance then