As a seasoned researcher with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the recent activity of the elusive Blockchain Bandit. The transfer of 51,000 ETH to a new multi-signature address serves as yet another reminder of the cat-and-mouse game between hackers and cybersecurity professionals.
While the identity of this mastermind remains shrouded in mystery, it’s fascinating to observe their modus operandi, particularly their use of “Ethercombing” to exploit weaknesses in the system. This technique, though statistically improbable, has proven effective, demonstrating that even the most secure systems can have vulnerabilities if we don’t stay vigilant.
The timing of this move, coinciding with Ethereum‘s price drop and speculation about fresh all-time highs in 2025, adds another layer to the intrigue. I can’t help but wonder if the Bandit is cashing out or simply diversifying their portfolio in anticipation of future gains.
On a lighter note, it seems we are all just playing a game of “guess the private key” with the Blockchain Bandit. But remember, unlike them, we should never guess our passwords or private keys – always use a secure password manager! After all, who wants to end up like the proverbial frog in boiling water, unaware that the temperature is rising?
As we move into 2025, I’ll be keeping a close eye on Ethereum and its price action. If it follows the trajectory of the last cycle, we might just see ETH hitting $15.2k – but let’s not forget that past performance is no guarantee of future results! As always, happy investing, and remember: don’t try this at home, kids!
Following a two-year period of inactivity, infamous hacker known as Blockchain Bandit, who pilfered 51,000 ETH coins through guessing weak private keys, has recently shifted his funds to another digital wallet. According to ZachXBT’s report, the hacker relocated all of his ETH holdings from ten different addresses to a multi-signature address “0xC45…1D542”.
1) On December 30th (Monday), the hacker primarily moved funds in chunks of about 5,000 Ether. Prior to this transfer, the stolen Ether had been idle in approximately 10 different wallets since January 21st, 2023, when the last transfer of 51,000 Ether took place. During that time, the hacker also shifted around 470 Bitcoins.
2019 saw the crypto thieves known as Blockchain Bandit snatch an enormous 45,000 Ethers (ETH) by cracking weak encryption codes, according to a report from Independent Security Evaluators. While randomly guessing private keys is generally thought to be highly unlikely, this cybercriminal managed to find 732 such keys linked to 49,060 transactions.
A hacker discovered a way to uncover random private keys by employing brute force, taking advantage of bugs in code and weak random number generators, a technique known as “Ethercombing”. This type of “systematic plundering” has been active since 2016, with the largest exploits happening in 2018, as per ZachXBT’s analysis.
As a researcher delving into the enigma of the Blockchain Bandit, I’ve pondered upon the intriguing theories put forth by crypto security analyst Adrian Bednarek. He has suggested that a state actor, like North Korea, might potentially be behind the series of thefts, given their known interest in cyber activities for financial gains.
It’s worth noting that the recent Ethereum trend coincides with a decline in ETH’s price earlier today, dropping to around $3,300. At the moment of writing, ETH is currently trading at $3,377.26, representing a 1.04% decrease. The market cap stands at approximately $406 billion, while daily trading volumes have significantly increased by 42%, reaching $25.34 billion.
Ethereum (ETH) Price Action Ahead
In the past day, the value of Ethereum, the world’s second-largest cryptocurrency, has seen some fluctuations. It dropped as low as $3,300, but then recovered and is currently standing at around $3,400.
Ethereum is set to end December with a roughly 10% decrease in value, due to a Federal Reserve meeting that turned out to be more aggressive than anticipated, causing a general market downturn. This cryptocurrency has experienced a slowdown and dropped beneath its 21-day and 50-day moving averages. Nevertheless, the price of ETH is holding up well at around $3,000, which is above its 200-day moving average.
if $ETH were to go up like last cycle compared to $BTC, ETH/BTC would be at 0.146.
At the current price of $BTC this would result in $15.2k per $ETH.
Under the assumption that Bitcoin (BTC) might reach a minimum of $150,000 in the future, Ethereum (ETH) could potentially climb as high as $21,900 if it follows a similar pattern as its previous cycle.
— Mat 🦇🔊 (@materkel) December 29, 2024
Looking towards 2025, crypto experts maintain optimism about Ethereum, anticipating it will reach new record peaks. Some analysts even foresee Ethereum’s price potentially soaring to between $10,000 and $15,000 by mid-2025.
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2024-12-31 14:17