• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin price
Nexo Logo

This Chinese Whale Lost $45 Million in Bitcoin and BCH Overnight: How it Happened

Nick Chong by Nick Chong
2 years ago
in Bitcoin Cash, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

One of the rallying cries Bitcoin’s most fervent advocates use to promote the cryptocurrency is “become your own bank.” Indeed, this nascent technology allows you to complete the basic functions of modern banks: receive transactions, store capital, and send transactions (and also verify/process transactions if you want to become a miner).

While many libertarians see this as one of Bitcoin’s most tantalizing aspects, the “become your own bank” aspect of BTC has its drawbacks. The main drawback being holding your own capital means you can be hacked, often easily.

$45 Million in Bitcoin and BCH Swiped

According to a post published to the “BTC” subreddit by a user going by “Zhoujianfu,” they have just been hacked for a large sum of both Bitcoin and Bitcoin Cash (BCH). The Redditor wrote:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

[This] is my address, goddamnit. [The transactions] only [have] 3 confirmations, if any miners/the community can help somehow, I’ve got the private keys. Help, help, help… big reward obviously.

The addresses attached to the post, confirmed to be owned by the Reddit user through the signing of a message with a Bitcoin private key, suggest that $30 million worth of BCH (around 100,000 coins) and $15 million worth of Bitcoin (1,550 coins) were stolen.

Indeed, NewsBTC’s brief analysis of the addresses showed that a transactor had sent the funds from the affected addresses to others, then began splitting up the coins, likely to mitigate detection by blockchain crime-stoppers.

BREAKING

1M $BCH sim hack!! worth $30M from 1 single Chinese whale (he claimed lost $15M $BTC too) He's now asking for help from miners ..I'm talking with top BCH pool owners on this OMFG

???

BCH address :qzumak2rvxksjgkjuxe2fe5jxatktlsnhy5sthr5p7

THIS IS REALLY BRUTAL pic.twitter.com/19XM3w5BL7

— Dovey 以德服人 Wan ?? (@DoveyWan) February 22, 2020

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

How Did This Go Down?

How did this happen? You might ask.

According to the “Chinese whale,” as cryptocurrency commentator and investor Dovey Wan branded them, it was a SIM swap. (Importantly, these claims cannot be verified, with many questioning why someone would store such a large sum of Bitcoin and BCH on a platform that can be accessed through one cellphone. There may be context missing that has yet to be revealed.)

For those unaware, a SIM swap is when a hacker takes over one’s cellular identity, meaning their cell phone number, often through social engineering tactics.

With many services requiring second-factor authentication in the form of codes sent as texts to phone numbers, SIM swaps may allow hackers to more easily access a victims’ online banking information, emails, online file drives, and even crypto exchange logins. 

Bitcoin Unaffected by the Unfortunate Hack

The market has seemingly shrugged off this event, perhaps because it isn’t clear what the apparent hacker is going to do with the stolen BTC and BCH.

As of the time of writing this article, Bitcoin has registered a loss of a mere -0.29% in the past 24 hours, flatlining after the brutal crash from $10,300 to $9,250 that took place in minutes.

Featured Image from Shutterstock
Tags: bitcoinBitcoin Cashchinahacksim-swap
Tweet123Share319ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

El Salvador bitcoin

More Stress For El Salvador As Bitcoin Dips To $29,000

5 hours ago
Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

9 hours ago
Bitcoin and Ethereum

Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover

11 hours ago
Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

Ethereum Prepares For Ropsten Testnet Merge As Token Struggles To Hold $2k Support

11 hours ago
Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

14 hours ago
mining

U.S. Mining Stocks Drop Almost 50% Despite Hashrate Increasing

19 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Can Gnox (GNOX) become a crypto giant like Cardano (ADA)?

May 19, 2022

Terra (LUNA) and Binance (BNB) Experienced a Terrible Week While Presale Crypto Chronoly (CRNO) Is Flying High

May 19, 2022

3 Years, 6 Lamborghinis: FreeBitco.in’s “Biggest Giveaway in Crypto” Continues Its Legacy

May 19, 2022

SFUND To Be Listed On The Leading Global Crypto Exchange Huobi Global

May 19, 2022

Diversify your crypto portfolio with Pac-Man Frog (PAC), Monero (XMR), and Aave (AAVE)

May 19, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.