BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Victim Poised to Recover Stolen Ethereum after Hacker’s Wallet Blacklisted

by Dan K
Aug 12, 2023 - 3:00 pm
in Blockchain
A hacker at a computer, symbolizing the perpetrator behind the Stake casino hack, orchestrating the recent transfer of BNB and MATIC tokens.

The Heist and Initial Loss

On March 16, the crypto community was abuzz with the news of L3yum’s unfortunate loss. The victim, recognized by their pseudonym L3yum on X (formerly Twitter), faced a significant loss after a hacker compromised their hot wallet seed phrase. In this sophisticated attack, the criminal did not only target Ethereum. They pilfered various assets, including Yuga Labs-related NFTs and other tokens from minor projects. These assets were quickly traded or sold, making immediate recovery seem nearly impossible.

Blacklisted and Halted

However, things took a turn for the better on August 11. In a detailed X thread, L3yum shared a hopeful update: authorities had successfully blacklisted and frozen the hacker’s Ethereum-based USDT address. This intervention was the result of L3yum’s diligent work with the police and a specialized cyber team in their country.

Financial Implications

With the current market rate, 90 ETH amounts to an approximate value of $166,000. The frozen USDT in the blacklisted wallet stands at a value of $107,306. This discrepancy in amounts indicates that, while L3yum may be on the path to a significant recovery, it might not encompass the full value of the stolen funds.

Potential Reimbursement?

Instances in the past offer a shimmer of hope. Historically, when a USDT address faces blacklisting under similar circumstances, Tether has undertaken to burn the blacklisted assets and re-issue an equal amount to the legitimate owner. Most of these actions, it’s essential to note, are usually precipitated by a court order.

L3yum, while optimistic about the outcome, remains unsure about the exact process. They shared in a comment, “From my understanding, the blacklisted funds get burnt. However, this is based on my limited knowledge, so take it with a grain of salt.“

Mystery Remains

The actual method used by the hacker to obtain L3yum’s seed phrase remains a topic of speculation. Some believe it could have been a SIM-swap, an inadvertent iCloud backup of the seed phrase, or L3yum accessing their wallet on multiple devices, thereby exposing their private information.

For now, the community waits and hopes for a positive resolution, and the incident serves as a stark reminder about the importance of robust digital security.

Tags: BlockchainHackWallet
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Close-up of Tether's ToS document with highlighted changes related to Singaporean customers.

Tether Restricts USDT Redemption for Certain Singapore Groups: Impacts and Implications

September 25, 2023

Tether, the stablecoin giant, has shifted its ToS, barring certain Singapore entities from redeeming USDT. Cake DeFi's CEO...

Blockchain investigator ZachXBT reviewing a controversial Gotbit document.

Blockchain Investigator ZachXBT Exposes Gotbit’s Controversial Services

September 25, 2023

Blockchain investigator, ZachXBT, takes aim at Gotbit over a leaked report, unveiling potentially manipulative services in the crypto...

Graphic representation of Mixin Network with alert signs indicating system vulnerabilities.

Mixin Network Hack Drains $200M from Mainnet Assets

September 25, 2023

Decentralized peer-to-peer platform, Mixin Network, confirms an approximately $200 million crypto asset loss following a security compromise.

Illustration of Google Cloud's BigQuery connecting with multiple blockchain symbols.

Google Cloud’s BigQuery Encompasses 11 More Blockchains: An Inclusive Cryptocurrency Landscape

September 25, 2023

Google Cloud’s BigQuery now integrates with 11 blockchains, enhancing the scope of crypto analytics and offering a deeper...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise