$45 Million Bitcoin Cash Allegedly Stolen In A SIM Hack


February 23, 2020 2:38 am

$45 Million Bitcoin Cash Allegedly Stolen In A SIM Hack
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After a major investor claimed that he lost $30 million in a wallet hack, altcoin Bitcoin Cash (BCH) has become the topic of serious consideration.

The investor, who appears to be Dreamhost founder Josh Jones, stated that the hacker also took 1,500 Bitcoin (BTC) worth $14.4 million, in a now-deleted Reddit post from Feb. 22.

Jones lost a total of $45 million

The hack came in the sort of Jones’ SIM card being settled. He has not verified whether that was a “SIM swap,” or whether the funds were seized by another means.

“It’s only had 3 confirmations, if any miners/the community can help somehow, I’ve got the private keys. Help help help.. Big reward obviously.”

-Jones requested to Bitcoin (BCH) miners not to approve the transactions, in the deleted post.

Dovey Wan, the founding partner at crypto asset fund Primitive Venturescommented on the case, cautioned that the influence would go far ahead Jones himself. Wan repeated the Reddit post, in a series of tweets, she described the attack as “really brutal” and also reprimanding Jones for holding such a large amount of cryptocurrency in a wallet available directly from his smartphone. 

Consequently, Wan continued that the hacker was breaking up the stolen amount, expected in an attempt to cover their origin and make them more accessible to sell on exchanges. Extending that she mentioned that Bitcoin Cash as a cryptocurrency encountered a significant warning:
“No matter what, this 60000 $BCH hack, the dispute among BCH camp between Ver and Jihan, all these will mark a slow death of it.”

According to Wan, the only way this could be remedied is through a double-spent on the Bitcoin Cash network, which would lead to its death, in her illustrations.

Bitcoin Cash (BCH) has seen several controversies during its lifespan, including a hard-fork in 2018 which ended up in the production of another altcoin, Bitcoin SV (BSV).

It’s really important to keep your cryptocurrencies on a hardware cold wallet. SIM-swap crimes are only successful when the hackers target a mobile device, which is usually managed for a two-factor authenticator for a particular wallet provider.

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