A group of developers and experts are spending their time and resources to crack the password of a bitcoin wallet containing 69,370 bitcoins, or about $690 million, according to the website. vice newsfeed.

The wallet is one of the top ten bitcoin addresses in terms of total bitcoin in the sense that it is a true treasure chest.

Regardless of the attempt to break into the wallet, developers share a file online that is supposed to contain the private keys of the wallet and may not.

Thus, by decrypting this file, access to the keys to bitcoins, which are valued at $690 million, can be accessed.

Why is this file so complicated?

The same source told the aforementioned that the digital wallet is protected by a long and unique password, and its wallet.dat file is a type of file that stores data, encrypted using two algorithms that are very slow to process.

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The combination of these two factors makes it difficult to guess the wallet, even if someone used machines to crack passwords.

But the developers and hackers did not give up.

Alon Gal, chief technology officer of cybercrime intelligence firm Hudson Rock, tweeted this week about the $690 million bitcoin wallet that was recently announced on popular hacking forum RaidForums.

The forum is part of a larger internet subculture dealing with Bitcoin wallet cracking, and has even evolved into a hard-to-crack file hacking service.

The private keys of lost wallets are one of the biggest goals that hackers seek to obtain and try to break their protection to gain what’s inside.

The process of decrypting protected files, especially those related to Bitcoin wallets, is the most difficult, which causes many who have forgotten passwords to sell their dat files instead of trying to unlock them themselves.

Gal said:

Wallets tend to be protected with strong passwords, and if a cybercriminal manages to get hold of a wallet and can’t crack its password, they may sell it to another group who are individuals with a lot of processing power.

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Bitcoin wallet cracking problems:

Despite the fame, there are no guarantees that the specific “wallet.dat” file actually contains $690 million worth of bitcoin, even if someone ends up decrypting it.

The owner of the pseudonym “Dave Bitcoin” stated on Twitter:

It is possible to manipulate the wallet.dat file to make it appear that it has a high balance.

Someone could modify the public keys of a bitcoin wallet using an editing software and link them to another wallet, which means that the wallet file could make the rounds online without the corresponding private key to access the $690 million bitcoin.

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Roman Potemkin, founder of the wallet Trastra, shared what Dave Bitcoin had said:

There is a possibility of falsification of wallet balances.

Usually, as proof of funds, the buyer asks the seller to verify that he actually holds the cryptocurrency using a timestamp on the blockchain.

However, this may not work in this case because the private key itself is unknown.

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