How a Presale Ethereum Wallet Containing 1000 ETH Was Recovered by KeychainX - PR Business News Wire (2024)

  • PostedJuly 12, 2022
  • Byalletec

Post Views: 82

He was a part of the Ethereum pre-sale in 2014 and amassed a fantastic 1000ETH today worth about 4 million USD for a mere 300USD – an astonishing 13000x increase in value.

The story began when Alex sent the KeychainX team a question about whether if the team dealt with damaged wallets. Alex suspected the wallet to be corrupt or the encryption to be wrong, as he had the password saved in Splash ID together with other passwords and used to copy-paste it into the pre-sale webpage to join in the Ethereum token sale.

He was worried that using multiple systems like iPad, mac and phone and various language setups (Alex was half French), there might be some hiccup or language character decryption errors.

Since the password was pretty long (99 characters) and contained several special or non-ASCII characters, it was a devious task. However, inserting a random character at an arbitrary position is doable for shorter passwords. For an almost 100-character-long password, it was impossible.

But Alex was pretty sure of the password, so KeychainX “just” had to look up what was wrong. Of course, the password was also sexual, so writing the various password deviations using sexually explicit language was hilarious.

Being stubborn, the KeychainX team started by adding random characters at the positions the team suspected were those with possible problems. For example, sometimes, if a character were non-English, the code would translate it to a double character, which ultimately would cause the search space to increase dramatically. So doing that produced no result.

So the team went back to look at the Splash ID source code and tried to reverse engineer it to reproduce the problem. There were many versions of Splash ID, and their page did not offer it to be open source. No luck.

Then a few weeks later, a Russian client contacted KeychainX with a completely different wallet using Cyrillic characters. Most of KeychainX’s custom-written tools were written for English or Latin passwords, so the team had to look into an old tool’s source code and look how to translate those to fit into the system.

It gave an idea for Alex’s wallet.

What if the tools used, and the unique characters that encrypted his wallet, were translated through the encryption software just like Cyrillic characters.

Going back to the Presale wallet, the team attacked those special characters positions using the same approach as if they were Cyrillic. Boom! the team found the password; however, there was an issue.

Most wallet software that would generally import the wallet and display the private key did not work, and the password was not getting accepted since the special characters were outside the boundaries of their respective code or character set. Instead, the team had to manually decrypt the wallet to export the private key using the foreign character set.

After moving out the funds, KeychainX tried to call Alex multiple times, but it kept going to his answering machine. So the team mailed Alex, and yet still no answer.

It took almost three days before he got back to KeychainX, which was a little nerve-wracking sitting on someone’s 4 million USD without knowing where the person was. Ethereum price also swung a lot, so the value moved hundreds of thousands daily in both directions.

So the team transferred Alex his share of the funds, said good luck and stay safe, and then never heard from him any more. KeychainX hopes he has fun with his newly recovered, long-lost fortune!

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  • Tags:crypto, crypto adoption, Crypto Mining, crypto news, Cryptocurrency

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How a Presale Ethereum Wallet Containing 1000 ETH Was Recovered by KeychainX - PR Business News Wire (2024)

FAQs

How do I find unclaimed Ethereum? ›

Here are the general steps for recovering lost Ethereum coins: 1. Check the transaction history: Use a block explorer like Etherscan to check the transaction history of your wallet address. If the lost ETH was sent to another address, you may be able to track it down.

What is Ethereum presale? ›

The Ethereum presale was an initial fundraising campaign that took place in 2014 to finance the development of the Ethereum blockchain. Over 42 days, investors were given the opportunity to purchase Ether, the native cryptocurrency of the Ethereum blockchain, at a discounted rate.

What happens if Ethereum is a security? ›

Effects on the crypto market if Ether is classified as a security. An ongoing investigation would be detrimental for Ethereum until the case is resolved and could affect decisions such as the approval of an Ether ETF and the further adoption of the asset — as exemplified by the cost of the Ripple/SEC lawsuit.

How many Ethereum are lost? ›

Nearly 910,000 ETH lost forever in total

Summing up his recent estimations, Conor Grogan stated that the overall amount of Ethereum that has been lost for good with very low chances of recovery now constitutes 886,000 ETH – that is more than $1.63 billion in the fiat equivalent.

Can you trace an Ethereum wallet? ›

Yes, cryptocurrencies like Ethereum and Bitcoin can be tracked during transfers between wallets. The process of tracking cryptocurrency transactions involves the use of blockchain technology and various tools and techniques.

Can you find out who owns an ETH wallet? ›

Use an Ethereum Blockchain Explorer: One of the easiest ways to check the owner of an Ethereum address is to use an Ethereum blockchain explorer. Etherscan is a popular blockchain explorer that allows you to search for transactions, addresses, tokens, and other activities taking place on Ethereum.

Is it better to buy crypto in presale? ›

Crypto presales have the potential to provide high returns on investment. Some presales have offered returns of up to 1000x. However, it is important to note that past performance does not guarantee future results. Investors must conduct thorough research before investing in a presale.

What happens when you buy a coin at presale? ›

Definition and Concept. Crypto presales are a type of initial coin offering (ICO) where tokens are sold to a select group of investors before they are made available to the public. This allows investors to get in on the ground floor of a promising new project, often at a discounted price.

How do I know if my crypto presale is legit? ›

Get to Know the Team

The best protection against this fraudulent tactic is to thoroughly research the individual team members of a project before you invest. It's a bad sign, for example, if you're unable to find any information about a particular developer or founder on LinkedIn or other social media outlets.

Can police trace Ethereum? ›

Yes, law enforcement *can* track transactions because all of the blockchain addresses are public.

Which is safer Bitcoin or Ethereum? ›

Currently, Bitcoin appears to have a massive edge over Ethereum, with many institutional investors viewing it as a "safe haven" asset that can protect them from volatility in the broader market.

Is Ethereum FDIC insured? ›

FDIC and SIPC Do Not Cover Crypto Exchange Accounts.

How much Ethereum is left in the world? ›

Basic Info. Ethereum Supply is at a current level of 122.04M, down from 122.04M yesterday and up from 120.41M one year ago. This is a change of -0.00% from yesterday and 1.36% from one year ago.

What happens to unclaimed tokens? ›

In the case of unclaimed cryptocurrency, the funds associated with the lost private keys or seed phrases remain on the blockchain, but there is no way to access them without the corresponding private key or seed phrase. As a result, these funds are effectively lost and cannot be recovered.

How many Ethereum are lost forever? ›

According to a recent report, more than USD $1.1 billion worth of ETH has been lost forever due to human error. The report estimates that at least 636,000 ETH, which is about 0.5% of the current circulating supply, is now completely inaccessible.

How do I find abandoned crypto? ›

Steps to recover lost assets
  1. Go to the Asset recovery page. ...
  2. On the Let's find the transaction screen, select the transaction network, then enter the transaction hash ID and the crypto address you received the unsupported asset on, then select Continue.
  3. Once the transaction is found, select Continue.

How do I find lost crypto transactions? ›

If you remember making any transactions, reviewing the history on a blockchain explorer can provide clues to the wallet address and potentially the platform or wallet type you used. You can also look up any known addresses related to your Bitcoin transactions.

How do I find my lost crypto wallet? ›

How Do I Recover an Old Bitcoin Wallet?
  1. Download the Bitcoin Core Wallet, launch it, and click “+.”
  2. Next, click “Import Wallet.”
  3. Enter a 12-word seed phrase and choose a coin, BTC or BCH.
  4. After entering the seed phrase, press “Import.”
  5. If you did everything correctly, your Bitcoin wallet should be restored.
Apr 9, 2024

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