Dan Reich a crypto owner who lost millions worth of cryptocurrency from a hardware wallet he lost has hired a hacker to recover the password, and fortunately for him, he was able to retrieve them.
The Verge reported in a story called “Cracking a $2 million crypto wallet,” that Reich and his friend used $50,000 worth of Bitcoin to buy a new cryptocurrency called Theta tokens. The crypto was worth 21 cents for each token, and the two friends stored them in a Trezor hardware wallet.
After the digital token plunged to a fourth of its value, Reich wanted to cash out. However, he and his friend forgot the pin, according to the Verge. After 12 unlucky guesses, Reich and his friends surrendered, since they didn’t want to reach the 16th guess, at which point the wallet would delete all the data, and the cryptos included. Reich absorbed the loss, until 2020 when the cryptocurrency rebounded, making his wallet worth millions, according to the same report.
That’s when Reich started looking for hackers. In February 2021, when Reich’s wallet was worth around $2.5 million, the investor found Joe Grand, an electrical engineer and hardware hacker famous as Kingpin.
Dan Reich wrote a story on his blog and documented a firm on the hacking. He described the hacking as a “slam dunk.”
“Little did I realize the project would turn into a roller coaster ride with over three months of experimentation, failures, successes, and heart-stopping moments,” he wrote. “In this case, the stakes were higher than normal: I only had one chance to get it right.”
In May, luck smiled to Reich after the hacker was able to deploy a computer program that unlocked the wallet.
“Yes! Yes!” Reich said after the wallet was successfully hacked.