Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Trending

First Pill For Obstructive Sleep Apnea Shows Promise In Phase 3 Study

June 30, 2025

From ‘Side Project’ to 8-Figure Business: Left On Friday

June 30, 2025

Top 17 Events and Conferences to Help Grow Your Business

June 30, 2025
Facebook Twitter Instagram
  • Newsletter
  • Submit Articles
  • Privacy
  • Advertise
  • Contact
Facebook Twitter Instagram
Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Subscribe for Alerts
Startup DreamersStartup Dreamers
Home » How Researchers Cracked an 11-Year-Old Password to a $3 Million Crypto Wallet
Startup

How Researchers Cracked an 11-Year-Old Password to a $3 Million Crypto Wallet

adminBy adminJune 4, 20240 ViewsNo Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email

“We ultimately got lucky that our parameters and time range was right. If either of those were wrong, we would have … continued to take guesses/shots in the dark,” Grand says in an email to WIRED. “It would have taken significantly longer to precompute all the possible passwords.”

Grand and Bruno created a video to explain the technical details more thoroughly.

RoboForm, made by US-based Siber Systems, was one of the first password managers on the market, and currently has more than 6 million users worldwide, according to a company report. In 2015, Siber seemed to fix the RoboForm password manager. In a cursory glance, Grand and Bruno couldn’t find any sign that the pseudo-random number generator in the 2015 version used the computer’s time, which makes them think they removed it to fix the flaw, though Grand says they would need to examine it more thoroughly to be certain.

Siber Systems confirmed to WIRED that it did fix the issue with version 7.9.14 of RoboForm, released June 10, 2015, but a spokesperson wouldn’t answer questions about how it did so. In a changelog on the company’s website, it mentions only that Siber programmers made changes to “increase randomness of generated passwords,” but it doesn’t say how they did this. Siber spokesman Simon Davis says that “RoboForm 7 was discontinued in 2017.”

Grand says that, without knowing how Siber fixed the issue, attackers may still be able to regenerate passwords generated by versions of RoboForm released before the fix in 2015. He’s also not sure if current versions contain the problem.

“I’m still not sure I would trust it without knowing how they actually improved the password generation in more recent versions,” he says. “I’m not sure if RoboForm knew how bad this particular weakness was.”

Customers may also still be using passwords that were generated with the early versions of the program before the fix. It doesn’t appear that Siber ever notified customers when it released the fixed version 7.9.14 in 2015 that they should generate new passwords for critical accounts or data. The company didn’t respond to a question about this.

If Siber didn’t inform customers, this would mean that anyone like Michael who used RoboForm to generate passwords prior to 2015—and are still using those passwords—may have vulnerable passwords that hackers can regenerate.

“We know that most people don’t change passwords unless they’re prompted to do so,” Grand says. “Out of 935 passwords in my password manager (not RoboForm), 220 of them are from 2015 and earlier, and most of them are [for] sites I still use.”

Depending on what the company did to fix the issue in 2015, newer passwords may also be vulnerable.

Last November, Grand and Bruno deducted a percentage of bitcoins from Michael’s account for the work they did, then gave him the password to access the rest. The bitcoin was worth $38,000 per coin at the time. Michael waited until it rose to $62,000 per coin and sold some of it. He now has 30 BTC, now worth $3 million, and is waiting for the value to rise to $100,000 per coin.

Michael says he was lucky that he lost the password years ago because, otherwise, he would have sold off the bitcoin when it was worth $40,000 a coin and missed out on a greater fortune.

“That I lost the password was financially a good thing.”

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Disney Just Threw a Punch in a Major AI Fight

Startup June 30, 2025

This Is Why High-End Electric Cars Are Failing

Startup June 28, 2025

Elon Musk’s Lawyers Claim He ‘Does Not Use a Computer’

Startup June 27, 2025

Anthropic Scores a Landmark AI Copyright Win—but Will Face Trial Over Piracy Claims

Startup June 26, 2025

Those Creatine Gummies You Bought Online Might Not Contain Any Creatine

Startup June 24, 2025

A False Start on the Road to an All-American Bitcoin

Startup June 23, 2025
Add A Comment

Leave A Reply Cancel Reply

Editors Picks

First Pill For Obstructive Sleep Apnea Shows Promise In Phase 3 Study

June 30, 2025

From ‘Side Project’ to 8-Figure Business: Left On Friday

June 30, 2025

Top 17 Events and Conferences to Help Grow Your Business

June 30, 2025

Disney Just Threw a Punch in a Major AI Fight

June 30, 2025

Tick Problem Is Getting Worse, This Risk Index At Highest Level, 10/10

June 29, 2025

Latest Posts

His Side Hustle Led to 7 Figures and Richard Branson’s Island

June 29, 2025

Deontay Wilder Vs. Tyrrell Herndon Results And Full Card Results

June 28, 2025

Brothers’ Side Hustle Made Over $175 Million: ‘No Investors’

June 28, 2025

What Every B2B Brand Should Be Doing to Earn Trust in 2025

June 28, 2025

Think You Need Millions to Buy a Business? Think Again.

June 28, 2025
Advertisement
Demo

Startup Dreamers is your one-stop website for the latest news and updates about how to start a business, follow us now to get the news that matters to you.

Facebook Twitter Instagram Pinterest YouTube
Sections
  • Growing a Business
  • Innovation
  • Leadership
  • Money & Finance
  • Starting a Business
Trending Topics
  • Branding
  • Business Ideas
  • Business Models
  • Business Plans
  • Fundraising

Subscribe to Updates

Get the latest business and startup news and updates directly to your inbox.

© 2025 Startup Dreamers. All Rights Reserved.
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.

GET $5000 NO CREDIT