ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Person Claims to Have Cracked Bitcoin Seed Phrases, but They Were Mistaken

Seed phrases, a crucial element of cryptocurrency wallet security, are generated following the BIP39 standard.
PUBLISHED FEB 13, 2024
Cover Image Source: Close-up of hands of a man viewing balances of cryptocurrencies in a wallet app | Getty Images | Photo by Collection
Cover Image Source: Close-up of hands of a man viewing balances of cryptocurrencies in a wallet app | Getty Images | Photo by Collection

In the dynamic world of cryptocurrency, a recent post on the Bitcoin subreddit has ignited a wave of fascination and concern. The user claims a near-miraculous feat— successfully guessing two Bitcoin seed phrases in under five minutes and gaining access to the corresponding wallets, only to find them empty. However, a closer examination reveals a fundamental misunderstanding of the intricacies behind seed phrases and their role in wallet security, per Investing.com.

A visual representation of the digital Cryptocurrency, Bitcoin | Getty Images | Photo by Dan Kitwood
A visual representation of the digital Cryptocurrency, Bitcoin | Getty Images | Photo by Dan Kitwood

The Reddit post in question narrates a seemingly extraordinary tale of someone effortlessly guessing Bitcoin seed phrases and accessing wallets. This account has captured the attention of both seasoned and inexperienced Bitcoin users, sparking discussions and debates within the cryptocurrency community.

https://twitter.com/Miyak0x/status/1751353698314277150?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1751353698314277150%7Ctwgr%5Eb9d9f0ac20872f2215bdb9f1118c7bacfed50915%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fu.today%2Fthis-viral-bitcoin-post-on-reddit-might-cause-some-serious-delusion
Image Source: X (Twitter) | @Miyak0x

Seed phrases, a crucial element of cryptocurrency wallet security, are generated following the BIP39 standard. Comprising 12 to 24 words selected from a specific list of 2048 words, these phrases serve as a cryptographic key to access wallets. The last word in a seed phrase functions as a checksum, acting as a safeguard against any potential errors in word entry.

Attempting to guess a seed phrase becomes a Herculean task due to the stringent requirements of BIP39. Even a single word out of place or a jumbled sequence would result in a mismatched checksum, causing the wallet software to reject the phrase. This inherent complexity makes the idea of casually guessing a seed phrase virtually impossible without employing computationally unfeasible levels of power.



 

Upon careful examination, it becomes evident that the author of the Reddit post likely did not guess existing seed phrases but rather generated new wallet addresses. With an extensive range of potential combinations for seed phrases, statistically, many will lead to unclaimed wallets. Therefore, the claim, while technically accurate, is inherently misleading—the author did not crack or access someone else's wallet but inadvertently created new, unused wallets.

The BIP39 standard acts as a robust mechanism ensuring that the probability of randomly generating an active wallet's seed phrase, particularly one containing funds, is minuscule. This revelation dismantles the illusion of a miraculous seed phrase guessing feat and underscores the security measures in place within the cryptocurrency ecosystem.

X (Twitter) | @Miyak0x
Image Source: X (Twitter) | @Miyak0x

As the cryptocurrency community grapples with the implications of the viral post, the Bitcoin market continues to exhibit intriguing dynamics. The most recent price performance indicates a period of consolidation, with a subtle downtrend visible. Bitcoin's current trading price hovers around the $49,931 mark, with moving averages acting as dynamic levels of support and resistance. Investors and enthusiasts closely monitor these market trends, recognizing the importance of separating sensational claims from the underlying fundamentals of cryptocurrency. The controversy surrounding the Reddit post serves as a reminder of the need for comprehensive understanding and critical evaluation within the ever-evolving landscape of digital assets.

MORE ON MARKET REALIST
The two came up with a brilliant invention for anyone who finds it difficult to relieve themselves in the wilderness.
4 hours ago
Samara Leilani who won a brand new Nissan showed that things aren't as they appear on the show.
5 hours ago
Students supported him to get on a flight to Los Angeles for an audition that changed his life.
1 day ago
She shared a video that demonstrated how she got fed up with the slow-moving line at Walmart and decided to take action.
1 day ago
Celebrity Week on "The Price is Right" allows celebrities to play games that the show is known for.
2 days ago
She saw that the woman taking instructions from someone on the phone and noticed something was wrong.
2 days ago
The moment became unforgettable for audiences, and the presenter was appreciated for his recovery.
3 days ago
Even without the raise, Oliver remains one of the top-paid faces on American television.
3 days ago
The story resonated with thousands of fans who made sure to set things right for the hardworking man .
3 days ago
After O'Leary and Rodriguez made offers, Cuban also joined Greiner to make an offer.
4 days ago
The Home Depot staffer requests the individual's tax-exempt number, which the individual declines.
4 days ago
She also called out Walmart after describing how she was feeling about wearing unwashed clothes.
5 days ago
Like any struggling young actor in the 80s, White was looking for any opportunity to appear on TV.
5 days ago
The man bought three tickets but left the last one at the counter and the man on the counter just checked it out of curiosity.
6 days ago
Perry's comments about splitting bills and the women being the breadwinner did not go down well with many.
6 days ago
The woman finally asked for help from a worker at Walmart and found out more alarming details.
7 days ago
Walmart worker confronts the return scammer, sparking a viral debate on ethical consumer behavior.
7 days ago
She was only offered $6,600 as a “goodwill gesture” for being the winner. 
Dec 6, 2024
The man from New Jersey bagged the reward when he was in the studio just as a member of the audience.
Dec 5, 2024
Viewers were left scrambling for an explanation until the glitch was fixed during a re-run later that year.
Dec 5, 2024