Rather, although the technology is one of the most secure ways of storing data available to the public, poor coding, social engineering, and the like can still allow bad actors to take advantage of unwary victims.In the case of the “Blockchain Bandit,” however, the tech worked as intended. The unknown attacker managed to steal crypto assets from up to 732 wallets by a process known as ethercombing – essentially educated guesswork.
A private key to an Ethereum wallet is a 78-digit string of random numbers. Theoretically, this should be impossible to guess without quantum computing or other resources that, as far as we know, do not exist yet. However, the sheer number of strings will eventually allow for a private key to be guessed by having a low value. Statistically, this would be due to an error or an inexperienced user choosing the key himself.“If a private key is chosen at random, then the chances of someone else generating that same key are approximately 1 in 2256, which is, for all practical purposes, a 0% chance.
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