The Lost Crypto Fortune
Two years ago, a cryptocurrency owner named "Michael" reached out to Joe Grand, a renowned hardware hacker, for help recovering access to $2 million worth of bitcoin stored in an encrypted digital wallet. Grand initially declined the request, as Michael's situation involved a software-based wallet—outside Grand's hardware expertise.
Michael had generated a 20-character password using RoboForm, a popular password manager, but stored it in a corrupted TrueCrypt file. Without the password, his 43.6 BTC (worth $5,300 in 2013) seemed permanently locked away.
The Breakthrough Discovery
In 2022, Grand and his collaborator Bruno reverse-engineered the 2013 version of RoboForm and uncovered a critical flaw: its pseudo-random number generator tied passwords to the user's system date and time. This meant passwords generated during a specific period could be reproduced if the exact parameters were known.
After months of testing possible date ranges and password configurations, they successfully regenerated Michael's lost password on May 15, 2013, at 4:10:40 pm GMT. The key? The password contained no special characters—a detail Michael had forgotten.
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The Flaw in RoboForm
RoboForm, developed by Siber Systems, patched the vulnerability in 2015 (version 7.9.14) by improving password randomness. However, the company never publicly disclosed the fix’s specifics or notified users to update old passwords. This left pre-2015 RoboForm-generated passwords potentially vulnerable to exploitation.
Grand warns:
"Without knowing how Siber fixed the issue, older passwords may still be at risk. Users should regenerate critical passwords if they were created before 2015."
FAQs
1. How did researchers crack the password?
They exploited a flaw in RoboForm’s 2013 version, which generated predictable passwords based on system dates. By simulating past dates, they reproduced the original password.
2. Is RoboForm safe to use now?
While Siber Systems claims to have fixed the issue in 2015, the lack of transparency about the patch leaves doubts. Users should update passwords generated before the fix.
3. What can I do to protect my crypto wallet?
- Use modern password managers with audited security.
- Store backups securely (e.g., encrypted offline storage).
- Avoid reusing passwords across platforms.
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Lessons Learned
Michael’s story highlights the importance of:
- Documenting password generation details (e.g., parameters, dates).
- Regularly updating security practices as software vulnerabilities emerge.
- Balancing paranoia with practicality—overly complex security measures can backfire.
Today, Michael’s remaining 30 BTC are valued at $3 million. His accidental HODL strategy paid off, proving that sometimes, losing access can lead to greater gains.
"That I lost the password was financially a good thing."
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