On-chain crypto crime drama finally sees the good guys win

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Stories of people having their private keys hacked or stolen are not new, and users have reportedly lost their life savings due to these thefts. However, in a fairly anti-climax scene, a crypto user managed to back up their crypto holdings despite losing the private keys.

Harpie, a blockchain security company, revealed an example of a chain crime drama where the good guys ultimately won. One of the users in their discord group reportedly raised concerns about the alleged theft of his private keys. When the company looked into said client’s wallet, someone was indeed trying to transfer funds from the victims’ accounts.

How did we do this?

About a month ago, this user protected his tokens with Harpy.

By approving and protecting his tokens with Harpy, this user has given us permission to intervene if we ever notice a theft from his wallet.

5/7 pic.twitter.com/33KYDKZeO1

— Harpie (@harpieio) December 20, 2022

However, the security group managed to act quickly and move the victims’ funds to a non-custodial address before the hacker could transfer those funds. This contract allowed the victim to recover their lost tokens from a different wallet without compromise. The security company was able to do this by offering higher gas fees for transferring the victims address.

This was only possible because the victim protected his tokens with Harpie, allowing the security company to intervene whenever a potential theft case came to his attention. The company said:

When we detected the malicious transfer, we moved this user’s funds to a non-custodial safe before this transaction could be confirmed by paying higher gas fees.

The on-chain security company said it recovered around $700,000 in stolen funds and is acting as an on-chain firewall for the community.

Related: 10,000 BTC Leaving Crypto Wallet Linked to Mt. Gox Hack

While what Harpie did was prompt intervention and required access to users’ wallets, there were several instances where the crypto community came together to recover stolen funds and non-fungible tokens as well. As Cointelegraph reported in May, the Solana community came together to scam a scammer to recover stolen NFTs.

With blockchain and distributed ledger technology powering the majority of cryptocurrencies, tracking any form of stolen funds becomes easier. On the other hand, stealing funds is only the first step for exploiters and it can take them years to move a small portion of funds, and there have been cases where they have even been caught at this time. -the.

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