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Crypto on-chain crime drama sees the good guys finally win

Crypto on-chain crime drama sees the good guys finally win

#Crypto #onchain #crime #drama #sees #good #guys #finally #win Welcome to InNewCL, here is the new story we have for you today:

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The stories of people having their private keys hacked or stolen are nothing new, and users have reportedly lost their savings because of these thefts. However, in a rather disappointing scene, a crypto user managed to salvage his crypto holdings despite losing the private keys.

Harpie, an on-chain security firm, revealed a case of an on-chain crime drama where the good guys ended up winning. One of the users in his Discord group reportedly raised concerns about the alleged theft of his private keys. When the company looked into said customer’s wallet, someone actually tried to transfer funds from the victim’s accounts

How did we do that?

About a month ago this user protected their tokens with Harpie.

By approving and protecting their tokens with Harpie, this user gave us permission to intervene should we ever discover a theft in their wallet.


— Harpie (@harpieio) December 20, 2022

However, the security group managed to act quickly and move the victim’s funds to an address with no custody before the hacker could transfer those funds. This contract allowed the victim to recover their lost tokens from another uncompromised wallet. The security company was able to achieve this by offering a higher gas fee for sending the victim’s address.

This was only possible because the victim harpie-protected their tokens, allowing the security company to intervene whenever they became aware of a possible theft. The company said:

“When we discovered the malicious transmission, we moved this user’s funds to an uncustodial vault before this transaction could be confirmed by paying a higher gas fee.”

The on-chain security firm said it recovered about $700,000 worth of stolen funds and is acting as an on-chain firewall for the community.

Connected: 10,000 BTC removed from crypto wallet connected to Mt. Gox hack

While Harpie was all about timely intervention and the required access to the user’s wallet, there have been several instances where the crypto community has banded together to recover stolen funds and non-fungible tokens as well. As Cointelegraph reported in May, the Solana community came together to “cheat” a scammer to get back some stolen NFTs.

With blockchain and distributed ledger technology powering much of cryptocurrency, tracking any type of stolen funds is becoming easier. On the other hand, stealing funds is only the first step for exploiters and it can take years for them to move even a small portion of the funds, and there have been instances where they have been caught even then.

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