German police have seized a cryptocurrency wallet from a hacker containing nearly $65Million worth of hacked bitcoins. But the hacker refuses to hand the password to the police officers.
According to a report on February 5 2021 by Reuters, the man was sentenced to more than two years in jail for secretly installing software on other computers to use their processing power to mine bitcoins.
The police officers who faced this scene reportedly tried to access the encrypted wallet by cracking the code. But every attempt failed, however. And said,
“We asked him but he didn’t say, Perhaps he doesn’t know.”
Now let’s break down the point “cracking the code to enter the wallet”. If you read my previous reviews and guides, you know every official cryptocurrency platform has some sort of security. Whether it’s a wallet or an exchange, it has security.
Well, that security is real Tough! Besides, this is 2021. Wallets or exchanges a long time ago used outdated encryption methods and features. So it was an easy thing for hackers to hack those platforms.
But over time, many security features founded and the encryption methods have been strengthened. By today, security features like 2FA are on most cryptocurrency wallets and exchanges.
With that level of security, wallets are impossible to crack down to log into accounts. This is the same reason following police officers have failed to open the wallet. Password or the seed phrase of the wallet must need to access it.
So those $65Million worth of bitcoins may rest in peace.