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

  • PostedJuly 12, 2022
  • Byalletec

Post Views: 80

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 to recover Ethereum presale wallet? ›

Is it possible to crack an Ethereum Presale wallet if password is forgotten? Yes, if you have the email with the backup json file and some ideas of the password, it is possible to decrypt the wallet.

How do I get money from Ethereum wallet? ›

Step 1: Sell your Ethereum on a cryptocurrency exchange platform that allows fiat withdrawals to bank accounts. Step 2: Request a withdrawal of the fiat money (e.g., USD, EUR) to your linked bank account after completing the sale. Step 3: Wait for the funds to be processed and transferred to your bank account.

How many ETH have been lost? ›

Nearly 910,000 ETH lost forever in total

With a few extra addresses added, the total amount of lost Ether rises to 909,800 ETH, worth more than $1.73 billion, or over 0.75% of the whole Ethereum supply circulating on the market.

How much ETH is lost forever? ›

The report estimates that at least 636,000 ETH, which is about 0.5% of the current circulating supply, is now completely inaccessible. However, this figure is only an estimation of the losses caused by human error.

How do I claim a transaction on Ethereum? ›

In order to claim a request you must put down a deposit. This deposit amount is specified by the scheduler of the transaction. The account claiming the transaction request must send at least the claimDeposit amount when they attempt to claim an execution.

How do I recover my lost Ethereum account? ›

Lost Private Keys or Recovery Phrase: If you've lost access to your Ethereum wallet due to losing your private keys or recovery phrase, recovery may be possible if you've previously backed up this information. Many wallet providers allow you to restore your wallet using a recovery phrase.

Which Ethereum wallet is best? ›

Best for Ethereum: MetaMask

MetaMask is one of the most widely used Ethereum wallets, with over 30 million monthly active users. Its straightforward design makes it easy for beginner investors to store and send Ethereum-compatible cryptocurrencies and interact with dApps.

How much will 1 Ethereum be worth in 2030? ›

Ethereum (ETH) Price Prediction 2030
YearPrice
2025$ 3,035.25
2026$ 3,187.02
2027$ 3,346.37
2030$ 3,873.84
1 more row

Can I transfer money from MetaMask to my bank account? ›

At this time, MetaMask does not allow users to swap cryptocurrency to fiat currency or give users the option to link their funds to a bank account. If you wish to convert your crypto to fiat currency, you will need to first transfer your cryptocurrency to a centralized exchange like Coinbase or Gemini.

Who owns the most ETH in the world? ›

Top Ethereum Holders
  • 1) Beacon Chain Contract: ~18 million ETH. ...
  • 2) Binance: ~4.4 million ETH. ...
  • 3) Wrapped ETH Contract: ~3.7 million ETH. ...
  • 4) Kraken: ~1.7 million ETH. ...
  • 5) Unknown Fund: ~1.6 million ETH. ...
  • 6) Arbitrum Bridge: ~1 million ETH. ...
  • 7) Bitfinex: ~1 million ETH. ...
  • 8) Lido DAO: ~423,000 ETH.
Jun 27, 2023

Who has the most Ethereum? ›

INTRODUCTION. Ethereum pre-sale investor Rain Lohmus owns the most ETH among all individual holders, with 250K ETH (>$660M) held in a wallet that is inaccessible to him. Ethereum Cofounder Vitalik Buterin is the next largest individual holder with 245K ETH ($650M) - he still has access to his holdings.

What's the lowest Ethereum has ever been? ›

Ethereum Price Overview

The market rank of Ethereum is 2 based on a market capitalization of 338125267293.00 €. Ethereum has a circulating supply of 120107309.99 ETH. The highest recorded Ethereum price is 4228.93 €. And the lowest recorded ETH price is 0.381455000 €.

Could ETH reach $50,000? ›

Can ethereum reach $50,000? Ethereum prices could surpass $50,000 by 2030 in a best-case scenario, according to VanEck. But that would require a significant rise in activity on the ethereum blockchain over the next six years. When more apps are running on the blockchain, increased fee revenue is generated.

Will Ethereum reach $3,000 again? ›

That being said, it is a 100% return from current levels and, therefore, will be a difficult target to hit. The Digital Coin Price Ethereum forecast calls for the market to be relatively flat through most of 2023 but does have an Ethereum Price Prediction of higher levels in 2024, breaking the $3000 level.

Will ETH hit $3,000? ›

Monday, Feb 19 marked the first time Ethereum price hit $3,000 since April 2022. Remarkably, it bucked the market trends, recovering from a mild pullback to retest the milestone again on Thursday Feb 22.

How do I recover my ERC-20? ›

Select Show PrivateKey & Passphrase and copy the wallet's private key.
  1. Step 2: Restore ERC20 wallet with the private key of BEP20 wallet. 2.1. Click Manage Wallets on the home screen. ...
  2. 2.2. Choose Wallet Type: Hot Wallet; 2.3. ...
  3. After restoring your wallet, you can go to Manage Wallets to check. Note:
Nov 1, 2023

How do I recover ethereum Classic? ›

Lastly, to recover the ETH that you sent to your Ethereum Classic (ETC) address. a) Go to your Ethereum (ETH) wallet, b) make sure you have selected ETH on the Ethereum network, c) click the menu icon, and d) select Move funds. a) Enter the Ethereum Classic (ETC) private key from step 3, and b) click Move Funds.

How do I find my Ethereum wallet? ›

Keystore/JSON + Password
  1. On the MEW front page, select 'Access My Wallet'.
  2. Choose the 'Software' option to connect, then select 'JSON File' and click 'Continue'.
  3. Locate your Keystore/JSON file in the pop-up window. It should begin with 'UTC–'.
  4. Enter your password, and click 'Unlock wallet'.
  5. You're done!

Can you recover ERC-20 tokens? ›

If you accidentally sent ERC-20 tokens to your wallet address that does not support ERC-20 tokens, you may retrieve the ERC-20 token by importing the address to another wallet interface that supports ERC-20 tokens.

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