Man Loses $1,200 Worth of Ether (ETH) in Less Than 2 Minutes; A Lesson for Crypto Users


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While the cryptocurrency industry continues to expand, investors, traders, and users still face the risks of losing their crypto assets with the tiniest mistake. This is because the crypto space is infested with hackers who are looking for ways to prey on unsuspecting users.

Hacker bots lurking around

Hackers have devised a new technique to steal cryptocurrencies from users by using bots to scan for mnemonic phrases on Github. Mnemonic phrases or recovery phrases are a 12-word phrase that represents the readable form of a crypto wallet’s private key. 

A Reddit user named Tycooperaow said that he recently became a victim of this nefarious act, which saw him losing $1,200 worth of Ether (ETH) from his Metamask wallet in less than 100 seconds. 

Tycooperaow stated that even though he knows how to safely deal with cryptocurrencies, he made a “costly mistake” by leaving a copy of his mnemonic phrases on a GitHub repo during a transaction with Hack Money hack-at-hon. 

The mistake not only saw him losing almost all the ETH in his wallet, but it also restricted him from moving any coin or token to a new address by supplying more gas. 

The Redditor is now looking for ways to retrieve his hacked address from the fraudsters, to prevent his $600 worth of ETH locked in Compound DeFi protocol from suffering the same fate. 

In his post, Tycooperaow urged crypto users to avoid storing a digital copy of their mnemonic phrase or private key, especially online, to safeguard their crypto assets. 

Crypto users are exposed to various hacks

Unfortunately, this is not the first time hackers have used newer techniques to defraud unsuspecting investors of their digital assets, as several reports have been made toward that effect in the past. 

In a separate development, hackers reportedly focused on publishers who are part of the Google Adsense program, by demanding $5,000 in Bitcoin (BTC) or see their blog being flooded with junk ads. 

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This article is Originally posted on CoinCentral.com
Author: Lele Jima

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Author: Lele Jima