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How Reddit user lost ETH worth $1,200 in seconds

Ethereum Reddit user

The story of an anonymous Reddit user began to trend on the Reddit space after the person revealed how they managed to lose ETH worth $1,200 within two minutes.

Reddit user exposed his mnemonic phrase

The Reddit user got scammed after carelessly letting a hacker get hold of his mnemonic phrases on GitHub. The mnemonic phrases or seed phrases are a secret group of words that represent a wallet. When used in sequence, they allow access to the cryptocurrencies stored within.

“Mnemonic” means a memory aid such as rhymes, abbreviations, and songs that help you remember something else. The Reddit user whose ETH was stolen made his story trend on the Reddit platform to warn other users to be careful of how they manage information regarding their digital assets.

Bot scans for recovery phrases across GitHub

The Reddit user explained that the hacker that carted away his ETH coin used a bot to scan for recovery phrases across GitHub. Thus he became a victim as he left his code on a GitHub repo while he was sending to a Hack Money hackathon.

The bot the hacker used to recover phrases managed to redeem his mnemonic phrase, which the hacker used to cart away his $1,200 ETH from his wallet in seconds.

Every crypto holder to learn from this

The hacker, however, did not steal all his crypto coins as he revealed he still has some coins left in his wallet. But he is still, at risk of losing more to the hacker as the bot will siphon any Ethereum he has to prevent him from moving coins, or outmatch my attempts by supplying more gas, the Reddit user explained.

The Reddit user advised that crypto users store their private keys and backup seed properly.

He revealed that since his $600 ETH remains in the wallet, he is looking for ways to resolve the issue and not conceded that also to the hackers.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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