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Is your money safe?

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Written by   9160
1 year ago

We've got quite a few articles and comments from people that seem to assume that if somebody stole your password they would automatically get your money. Even @Telesfor , who is generally pretty well-versed in these things seems to this so.

This is not true.

To get your money a thief needs access to your seed phrase.

Having just your password is not enough.

Don't believe me?

Let's see. I've created an account @NoSeedNoMoney .

This account has about $200 in balance.

And here:

You can even check the block explorer:

https://explorer.bitcoin.com/bch/address/bitcoincash:qzwjq2d77t9le4cv63ssahx9y09a4mhrhvwwxhcuj3

I should be careful to protect my password from thiefs, right?

Keep my password, which is 123verysecret for the account NoSeedNoMoney a total secret, right?

Ooops...

Did I just tell you my password?

I surely did.

Don't get it?

Let me try again:

My login: NoSeedNoMoney
My password: 123verysecret
Balance: ~$200

First one to take it gets to keep it!


EDIT (24 hours later): Even with password right in the open, nobody was able to steal the money, we returned it to where it originally came from via this transaction. Someone even decided to change the password :) that still didn't help to steal the money. Your money is safe, unless a) somebody has physical access to your computer; b) somebody has access to your seed phrase; or c) your computer has a virus, so that hackers have full access to it.


But you won't be able to take it, since only my device has the seed phrase.

My account at read.cash (which is what my password protects) doesn't have that seed phrase, so if you try to login with my password, you will be notified that your device doesn't have a seed phrase associated with this account.

That means that if somebody stole your money, then one of the following is true:

  1. The thief bot access to your computer/mobile phone and sent your money from your device;

  2. The thief got access to where you store the seed phrase;

  3. You have a malware or virus that gives hackers access to their device (sometimes that can be a application that gives you free money or free services, like most of free VPN services, or "phone mining" apps - ask yourself why would a company give you something for free that they normally sell? What do they get in return?)

Ok, so if read.cash is so secure, then why do we keep telling people not to keep more than $20 in their online wallet?

Easy. Because even the biggest companies are vulnerable to server hacks. If hackers got to our infrastructure (it's hard, but even the biggest companies fall victims to this), then hackers could potentially replace the wallet code from an honest wallet that we have to something like "When a user logs in, just send all money to my account using user's seed phrase". So far, that has not happened, but to protect you from that risk we ask you not to keep big amounts in your online wallet or accept the risk.

But frankly, it's possible even with a phone app or a desktop app. You don't know what code is there and let's be honest, even if you had access to the code, you have no idea how to review it. (Ok, some of you know, but they are less than 1% of all people) So a wallet developer on a rampage could just as easily replace their honest wallet code with "send all money to us, ok, thanks bye!" and the next time you open your wallet on your phone - there's $0.00. So far that hasn't happened either, but it's possible too.

As for @Sarahmay article

@Sarahmay published an article that somebody took the money.

She claims that this transaction was not made by her.

She's right. She didn't do that transaction, because it's a transaction were somebody sent her $0.01 as a tip:

If you have questions like this, please don't write articles starting a public panic, but email us at hello@read.cash instead.

And, dear @Broker you get a personal downvote from us for trying to capitalize on the panic that has no reason:

But read.cash sooner or later has to take up steps to make its wallet more robust and hack proof.

Dear @Broker , we took a lot of steps to make our wallet secure, we have thousands of users to confirm its security. You can confirm it yourself - login with the password we provided above and enjoy the security.

Unless you have a virus or a thief with a physical access to your device or your seed, your money is safe.

Don't spread the panic. And don't forget to keep your seed words secure. If you lose them - we won't be able to help you. Your money will sit forever on the blockchain, just like these guys.

EDIT: Some people opened the account and even commented below. The money is still untouched.

UPDATE: The money was eventually found, nothing was stolen.

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Written by   9160
1 year ago
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Comments

passionate in life speculating in bitcoin cash investment

$ 0.00
1 year ago

thanks

$ 0.00
1 year ago

people who love to point fingers take advantage of situation like this. I salute patience of you guys if it was someone else they rather would not reply such a thin on public forum and could've ask user to contact support . Thanks for your caring advice I already have a lessons that I learnt from what happened to me..

$ 0.00
1 year ago

I had 100$+ in this wallet for more than a week , It is impossible to hack into it, More could happen is some one steal my password use new phrase in his browser and can edit some of my articles to get "New tips" in his wallet Lack understanding of technology create fuss like this. And people who love to point fingers take advantage of situation like this. I salute patience of you guys if it was someone else they rather would not reply such a thin on public forum and could've ask user to contact support . I think this rule should be implemented about situation like this like "contact support for issues rather creating article begging for it" I read whole comments and article yesterday. Let me tell you all from my personal experience, There are ethics of every work place and some ethics are common sense, If this is a work place for you behave like one . You don't start campaign against office management for your misunderstanding with out talking them first , IT will get you fired from any company and doing things like this will only result in decrease of respect in other colleagues of yours. For this situation I will be more careful for my upcoming things and will remember who is like what and could create problem.

$ 0.00
1 year ago

I'm so sorry about this post, I'm not blaming readcash I know I'm wrong for doing this without contacting them though their email. I'm in a panic situation that time and I don't know what to do. That's why I made this article. I just need an answer from others that also have this kind of issue. I already said it to readcash that I'm not blaming them. Please 😭 I really feel bad about this 😭😭😭

$ 0.00
1 year ago

It may not be safe in an entirely different way. You guys have a bug. I tried boosting a post twice. It sent the money and never activated the boost or deposited the funds so I lost $3

$ 0.00
User's avatar scottcbusiness
This user is who they claim to be.
We have manually verified this user via some other channel.
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1 year ago

Any technical problems - send us an email to hello@read.cash, especially about things that didn't work as expected. Public comments are unsuitable for this.

$ 0.00
1 year ago

I mean if there's a bug that makes people lose money when they try to boost, I think it's worth cautioning people. I replied to the email sent.

$ 0.00
User's avatar scottcbusiness
This user is who they claim to be.
We have manually verified this user via some other channel.
Proof
1 year ago

this helped me understand the seed phrases a little bit more... i get the big picture idea of it, but not each individual part you know? anyway its enough for now to keep me secure thanks!

$ 0.00
1 year ago

Вы должны согласиться что для профи хакеров 200$ это не показатель для рисков :)

$ 0.00
User's avatar Dmi
1 year ago

By the way, I did not open my account for a week only to come back and find out my money reduced drastically, what could be the course

$ 0.00
User's avatar Ify
1 year ago

You don't have "money" in your "account," you have Bitcoin Cash (BCH) in your "wallet." For instance, my account says $0.35 right now, but that simply represents what the BCH in my wallet is currently worth. In reality, below that number, it shows that I have .00128202 BCH. The most likely explanation is that the exchange rate changed since you last looked. However, as discussed in this article you are replying to, you can look at your address in a block explorer to see if there were transactions.

$ 0.00
1 year ago

Infairness , you did a great job🥰🥰 More power read.cash.

$ 0.00
1 year ago

Informative....

$ 0.00
1 year ago

Thanks for this article really educative

$ 0.00
1 year ago

Thank you. This is an assurance that our money is well protected.

$ 0.00
1 year ago

Thank you for this information.

$ 0.00
1 year ago

Here's one of the multiple reasons I love this platform is that they update you on every thing you need to know. The security of one's funds here is guaranteed unless a loophole comes from a user by not handling his/her seed phrase secret. Thumbs up to @Read.Cash

$ 0.00
1 year ago

I saved this article, read it later, it's so important.

$ 0.00
1 year ago

This is a very informative article that informs the users. We can be sure we are safe. Thanks read cash!

$ 0.00
User's avatar Jim
1 year ago

Why do I feel guilty all of a sudden? Is this because I posted my topic or is it because of @G3ni3r4L that the security of the wallets used are brought up?

$ 0.00
1 year ago

Very informative. Thank you! This lessens our worries.

$ 0.00
1 year ago

This is a great way to prove the point!

Again and as always read.cash, you have gone to extra mile to safeguard our community.

Thank you.

$ 0.00
1 year ago

Our money is well protected. Thanks read.cash more power!.

$ 0.00
1 year ago

You should always keep check for the seed and every browser has a their own wallet address so once you delete your browser probably it would be lost and generate another wallet address even you put your seed phases

$ 0.00
1 year ago

No, the same seed phrase always leads to the same wallet address. You can easily import your seed phrase to any number of devices, wallets, etc... and have the same address on all of them.

$ 0.00
1 year ago

When I try it. It generate another wallet and my balance was lost. I tried to put my seed but it shown that it always zero balance and when I saw it. It has a different wallet address. That is my experience

$ 0.00
1 year ago

Make sure to use the same derivation path too. It works, I can assure you about that. I personally have the same balance on two devices.

$ 0.00
1 year ago

Ow I see maybe I've confuse on Derivation path so that leads me for another BCH wallet. Thanks for being an informative always.

$ 0.00
1 year ago

Go to "Backup your seed phrase" and you'll find your derivation path there.

$ 0.00
1 year ago

Nice post man 😂😂😂

$ 0.00
1 year ago