Crypto

‘Blockchain Bandit’ reawakens: $90M in stolen crypto seen shifting

A hacker dubbed the “Blockchain Bandit” has finally woken from a six-year slumber and has started to move their ill-gotten gains.

According to Chainalysis, around $90 million in crypto pilfered from the attacker’s long-running string of “programmatic theft” since 2016 has started moving over the past week.

This included 51,000 Ether (ETH) and 470 Bitcoin (BTC) — worth a total of around $90 million — leaving the bandit’s address for a new one. Chainalysis noted:

“We suspect that the bandit is moving their funds given the recent jump in prices.”

The hacker was dubbed the “Blockchain Bandit” due to being able to empty Ethereum wallets protected with weak private keys in a process termed “Ethercombing.”

The attacker’s “programmatic theft” process has drained more than 10,000 wallets from individuals across the globe since the first attacks were perpetrated six years ago.

Related Articles

In 2019, Cointelegraph reported that the Blockchain Bandit managed to amass almost 45,000 ETH by successfully guessing those frail private keys.

A security analyst said he discovered the hacker by accident while researching private key generation. He noted at the time that the hacker had set up a node to automatically filch funds from addresses with weak keys.

The researchers identified 732 weak private keys associated with a total of 49,060 transactions. It is unclear how many of those were exploited by the bandit, however.

“There was a guy who had an address who was going around and siphoning money from some of the keys we had access to,” he said at the time.

Blockchain Bandit crypto movements. Source: Chainalysis

Chainalysis produced a diagram depicting the flow of the funds, however, it did not specify the target address, only labeling them as “intermediary addresses.”

To avoid having weak private keys, Chainalysis advised users to use well-known and trusted wallets and consider moving funds to hardware wallets if large amounts of cryptocurrency are involved.

Related: Hackers keeping stolen crypto: What is the long-term solution?

Also in 2019, a computer researcher discovered a wallet vulnerability that issued the same key pairs to multiple users.

Source

22 Comments

  1. Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.

    1. Of course, you can ask me questions.Write better to telegram – there I will answer you faster

  2. I do not know whether it’s just me or if everybody else experiencing issues with your site.
    It appears like some of the written text within your posts
    are running off the screen. Can somebody
    else please comment and let me know if this is happening to them as well?

    This could be a problem with my internet browser because I’ve had this happen before.
    Appreciate it

  3. It’s a pity you don’t have a donate button! I’d without a
    doubt donate to this superb blog! I guess for now i’ll settle for bookmarking
    and adding your RSS feed to my Google account.
    I look forward to brand new updates and will talk about this website with my Facebook group.

    Chat soon!

  4. Oh my goodness! Awesome article dude! Thanks, However I
    am encountering troubles with your RSS. I don’t understand why
    I can’t join it. Is there anybody else getting identical RSS problems?
    Anyone that knows the answer can you kindly respond?

    Thanks!!

  5. Pretty nice post. I just stumbled upon your
    blog and wanted to say that I have really enjoyed surfing
    around your blog posts. After all I will be subscribing to your
    rss feed and I hope you write again soon!

  6. It is the best time to make some plans for the longer term and it’s time to be
    happy. I’ve learn this post and if I may I wish to counsel you few attention-grabbing issues or suggestions.
    Maybe you could write next articles regarding this article.
    I desire to read even more issues approximately it!

  7. I am really inspired along with your writing talents as well
    as with the format to your blog. Is this a paid subject
    matter or did you customize it yourself? Either way keep up the nice quality writing, it’s rare to see a nice weblog like this one these days..

  8. What i do not realize is in fact how you’re no longer really
    much more neatly-liked than you might be now.
    You’re so intelligent. You know therefore considerably in relation to this topic, produced
    me personally imagine it from so many varied angles.
    Its like women and men aren’t involved except it’s one thing to accomplish with Lady gaga!
    Your own stuffs excellent. At all times care for it up!

  9. Hello, I believe your blog could possibly be having browser compatibility issues.
    Whenever I look at your site in Safari, it looks fine however, if opening
    in IE, it has some overlapping issues. I simply wanted to provide you with a quick heads up!
    Apart from that, fantastic website!

  10. Just wish to say your article is as amazing. The clarity in your post is just cool and that i can suppose you’re knowledgeable on this subject.
    Fine together with your permission let me to snatch your RSS feed to keep updated with forthcoming post.
    Thanks one million and please carry on the gratifying work.

  11. Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.

  12. Hi, There’s no doubt that your site could possibly be having
    web browser compatibility issues. Whenever I look at your site in Safari, it looks fine however, if
    opening in IE, it’s got some overlapping issues.
    I just wanted to provide you with a quick heads up!
    Besides that, great blog!

  13. Just desire to say your article is as astonishing.

    The clarity for your put up is simply spectacular and
    i could assume you are an expert in this subject. Well with your permission let me to seize your feed to keep updated with approaching
    post. Thanks one million and please continue the enjoyable work.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button