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- Zhoujianfu has fallen trap to a hack where he has lost over $45 million worth in Bitcoin and Bitcoin Cash holdings due to a SIM hack.
- Nearly over 1,547 BTC ($15 million) and 60,000 BCH ($30 million) were stolen from the account of a Reddit user that goes by the name of Zhoujianfu.
A Chinese individual Zhoujianfu has fallen trap to a hack where he has lost over $45 million worth in Bitcoin and Bitcoin Cash holdings due to a SIM hack. Nearly over 1,547 BTC ($15 million) and 60,000 BCH ($30 million) were stolen from the account of a Reddit user that goes by the name of Zhoujianfu.
Bitcoin Cash to face the heat Amid hack
As soon as the individual noticed the lost funds from his account, he made a plea to BCH miners to invalidate the transactions while only 3 confirmations were taken on the transactions. But unfortunately, as of press time, it seems as though, with 12 confirmations, the transaction of 60,000 BCH has been verified and written onto the Bitcoin Cash blockchain.
The addresses from which the funds were stolen and the transaction was confirmed by mining pool service Poolin founder, Kevin Pan. Pan also said at the time of verification that there was a possibility of retrieving the amount if Zhoujianfu managed to gather the BCH miners to invalidate the transaction.
Bitcoin Jesus, Roger Ver on Recent Hack
One of Bitcoin’s earliest investors and famously called “Bitcoin Jesus”, Roger Ver also commented on the incident saying that the hack might have occurred due to the hacking party socially engineering the telecommunications company to get the 2-factor authentication code, via which they would have authorized the transaction from zhoujianfu’s account.
Since the transaction has already been validated and the funds have been transferred, due to the immutable nature of blockchain technology, the only course of action for zhoujanfu now, is to sue the telecommunications company for poor security that lead to the hacker being able to gain access to the second-factor authentication codes. However if the codes were accessed due to a lost SIM from zhoujianfu’s part, then the blame falls entirely on the individual as it is a personal error.
Such hacks are common, most of the time due to error from the part of the cryptocurrency holder, due to poorly secured methods of holding onto their crypto holdings. The safest way to secure any cryptocurrency is to have the private key stored off the grid to ensure that attackers online have no access to the cryptocurrency.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
