Several cryptocurrencies and decentralized exchanges do not operate as banks and never store users’ private keys and seed phrases. Moreover, the responsibility to remember or write down the private keys and seed phrases solely lies with the individual user. There is no ‘Forgot Password’ option in DEX and swaps to retrieve private keys entered during the start. A man in the U.S. lost access to Bitcoins stored on a DEX after locking himself out of his phone. A man named Lavar Sanders sought help from a hacker to retrieve his Bitcoin, claiming it could be worth $6 million.
The hacker named Joe Grand, an American computer engineer, and hardware hacker, came forward to help Sanders regain his fortune of Bitcoin.
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Here’s How the Hacker Got the Bitcoin Access Back
Grand released a video on YouTube documenting the process of how he unlocked the man’s phone to retrieve the Bitcoin. The 37-minute video details how to hack a phone and gain access to lost Bitcoin and cryptos.
In the video, Grand explains, “Really, anything is hackable if you put in enough time and resources. Part of hacking is you never really know what’s going to happen, even if you’ve done it multiple times.”
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Grand also calls the process of hacking into someone’s phone to retrieve their lost Bitcoin “magic.” The hacker is heard saying, “It always feels like magic. There’s always a risk of something going wrong, especially with the type of attack I was doing.”
The rest of the video shows Grand rolling his sleeves and working on his “magic.” The hacker is seen extracting the device’s memory and finding where the to unlock swipe password was stored.
Finally, Grand working on his “magic,” gets access to the wallet and sees there’s Bitcoin in it.
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How Much Bitcoin Was Recovered?
In the video, Grand reveals that Sanders overestimated how much Bitcoin is in the wallet, which he purchased in 2016. Also, Grand shows that the wallet contained only 0.00300861 Bitcoin, which was worth $105 at that time. However, the same 0.00300861 Bitcoin is now worth only a mere $65 and not $6 million worth of Bitcoin.
You can watch the video of how Joe Grand managed to get access to the lost Bitcoin wallet below: