A ‘Blockchain Bandit’ Is Guessing Private Keys and Scoring Millions

Adrian Bednarek, Independent Security Evaluators

In the process, and as detailed in a paper they published Tuesday, the researchers not only found that cryptocurrency users have in the last few years stored their crypto treasure with hundreds of easily guessable private keys, but also uncovered what they call a “blockchain bandit.” In fact, when the researchers looked at the history of the blockchain bandit’s account on the Ethereum ledger, it had pulled in ether from thousands of addresses over the last three years without ever moving any out—money movements Bednarek believes were likely automated ethercombing thefts. But Bednarek did perform some spot checks of about 100 weak Bitcoin keys and found that the contents of the corresponding wallets had all been stolen, too, though none had been taken by an obvious big fish like the Ethereum bandit they’d identified—perhaps evidence of fiercer, more distributed competition among thieves targeting Bitcoin compared with Ethereum.

Source: www.wired.com