A Crypto User Loses His Bitcoins Due to Key Generator

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R/jdmcnair experienced the theft of $3,000 in Bitcoin from a paper wallet, which had been generated with the key generator service walletgenerator.net.

After expressing their story to the experts, it was found that the website had an IP address in Russia and correspondingly, had several reports of abuse filed on it.

Commentators had previously pointed out the vulnerabilities of the generator used by the allegedly hacked account.

Hugh Brooks, director of security operations at CertiK, warned users to think twice before using services like this, as online wallet generators had recently been used as a hacking tool. He advised to use hardware wallets as a safe alternative.

This news comes after Wintermute, a market maker, lost $160 million in crypto assets as a result of a hacker attack in September 2022, and more broadly, the crypto industry lost more than $313 million from malicious activities in the second quarter, according to Certik.