– A Reddit user lost over $3,000 worth of Bitcoin from their supposedly secure paper wallet.
– The user generated their wallet’s private keys using the wallet creation tool walletgenerator.net, which has been known for vulnerabilities.
– Online wallet generators have been used as hacking tools, and some may be scams.
– Paper wallet generators have serious vulnerabilities and may give the same keys to different users.
– To ensure safe crypto storage, users should use trusted hardware wallet providers like Ledger and Trezor.
– Hackers may wait for users to deposit significant amounts before swiping all the funds.
– There has been an increase in long-dormant Bitcoin wallets waking up, possibly due to hacked wallet generators.
– In Q2 2023, hackers managed to steal over $300 million, a decline from the previous year.
– It is important to be cautious and take necessary precautions when using crypto wallets.