£25,000 Of Ethereum Stolen From BBC Reporter

£25,000 Of Ethereum Stolen From BBC Reporter

A candid story has recently been published on the BBC after one of its very own had a substantial amount of Ethereum currency stolen. Monty Munford, the BBC’s Technology of Business reporter, detailed how cybercriminals succeeded to steal £25,000 worth of Ethereum. Munford hopes that his story will alert other crypto users of the real dangers, and seek ways to protect themselves, and their money.

Entering the Cryptocurrency Sphere

With over 10 years of experience as a technology writer, Munford learnt about cryptocurrency early-on but was far from being an early adopter. When people spoke about the subject he would listen, sometimes contribute to the conversation, but never speaking from first-hand knowledge.

In 2017, when Bitcoin’s price rose to its highest ever value of £16,500, he could not hold back his interest any longer. At that point, Munford’s knowledge on the industry was still sparse, and he had no experience in trading cryptocurrencies, let alone using margin trading or short selling Bitcoin.

Instead of investing in Bitcoin, which had already experienced a 100,000% price hike, he decided to invest in Ethereum. His only reason was that as the second-largest cryptocurrency it will probably experience a similar price hike.

With the help of a few friends and helpful cryptocurrency guides, the journalist bought his first batch of Ethereum. 

Protecting his Cryptocurrency

The next step for Munford was to decide whether to store his crypto on an exchange wallet or a separate digital wallet. By researching cryptocurrency news, he realised that exchanges are often targetted by hackers, looking to steal millions worth of digital currency. He, therefore, opted to get a web wallet.

With his wallet, the journalist received two keys; the private, and the public one. He was warned to store his private key securely, and never to share it with anyone. However, since it was 40 characters long, he also stored it in a draft email.

The Attack

Soon after his Ethereum purchase, Munford’s gamble paid off, and the price of the currency skyrocketed, albeit not as high as he had hoped. Like many other crypto investors, he decided to hodl, so did not access his account for some time. When, in 2018, the value of almost all cryptocurrencies began falling rapidly, he decided it was time to cash-in some of his profits.

He accessed his wallet, but, to his disbelief, all of his Ethereum was gone. The only information he could gather was that the funds were moved to another private key address. Munford admits that he felt alone, with no authority to go to.

After some research, it transpired that the hackers moved his £25,000’s worth of Ethereum to Binance, only to move it again a short while later.

Munford went on the offensive, contacting law enforcement and even engaging a private cyber hunting organisation. CipherBlade would seek to identify the hackers in exchange of part of the lost funds. Together, these organisations managed to get further information from Binance, but not enough to successfully identify a suspect.

The funds remain stolen, and Munford has little hope of ever recovering them. His main mistake was storing his private key on a cloud-based email; Gmail. Malware was able to identify it and provided the details to waiting hackers.

Recently Similar News

cex-promotion exmo-promotion

Latest Guides

Latest News

CoolWallet,Promotion,Wallets

For a Limited Time, You Can Get a Personalised CoolWallet S

Fancy getting yourself a Coolwallet with a personal touch? Then head over to  CoolWallet now and get yourself a customised wallet for you to store your crypto with your name on it. These new customised CoolWallet S cards are offered in a bid to make cryptocurrency investment more attractive to their users. And of course, […]

15 September, 2019
Giveaway,KuCoin,Promotion

Another 2nd Anniversary Promo Announced at KuCoin, KuMEX FOMO

KuCoin is celebrating their 2nd anniversary and to celebrate they have detailed several new promotions, but it seems they aren’t over yet, with one more outlined for KuMEX FOMO. Earlier this week, we detailed 5 different promotions that will take place over the next 2 weeks, but now there is more which you can get […]

14 September, 2019
Coinbase,Coinbase PRo,Dash,Listings

Dash Set For Monday Coinbase Pro Listing

One of the most popular trading options in the crypto world, Dash, will go live for trading on Coinbase Pro from Monday, 16th September. While official trading will begin the following day at 9 am (PST) on Tuesday, 17th September, users will be able to begin depositing Dash to their Coinbase Pro accounts up to twelve hours […]

14 September, 2019
Exchange Platforms,Kraken,Listings,Tokens

ICX Now Available On Kraken

Kraken has unveiled the latest asset available for trading on their platform, ICX. The San Francisco-based outfit commenced trading for this new token, which was created by the South Korean blockchain project, ICON, yesterday, 12/09/2019.  However, ICON itself is no newbie to industry and in fact, is one of the oldest and largest blockchain ins […]

13 September, 2019
Binance USA,Launch,Updates,USA

Binance USA Opens Its Doors Next Week

The much-anticipated US trader targeted platform from Binance, Binance USA, will begin opening its door to traders from next week. The news has come at the perfect time for US traders who had previously been going about their day to day trading activity on the generic international Binance platform. This is because after Binance updated […]

12 September, 2019
Closure,Exchange Platforms,Updates

Ethfinex Reveal Further Details on Closure

Last month, Ethinex revealed that they would be shutting up shop in their existing format and rebranding as DeversiFi. While the transition period is on-going, they have detailed some important information about the final closure of their existing operational format. The first point of note in regards to this is the fact that a date […]

11 September, 2019
Exchange Platforms,Giveaway,KuCoin,Promotion

KuCoin Offer 2nd Anniversary Promotions Worth $450,000 to Users

KuCoin are about to celebrate their second anniversary and they want to thanks users with a flurry of new promotions offered on a number of crypto assets over the next two weeks. These new promotions cover a wide range of different trading options, eligibility requests and time limits. With this in mind, they should be enticing to a wide number […]

10 September, 2019
CEO,Exchange Platforms,localbitcoins

LocalBitcoins Name New CEO

Peer-to-peer trading platform, LocalBitcoins has had a shake around in boardroom, with Sebastian Sonntag being named as the new CEO. He will be taking over the reins from Nikolaus Kangas, who is the brother of Jeremias Kangas who founded the exchange platform back in 2012, after being “convinced of Bitcoin’s importance in a global economy”. […]

9 September, 2019