Reddit User Blames Google Drive For Hack Of His EGEM Cryptocurrency Through MyEtherWallet

Reddit User Blames Google For Hack Of His EGEM Cryptocurrency

U/igortt, a Reddit user on February 27, 2019, in a message titled, “Why Security is Important (Or how Google sucks at it and it's just pathetic.)” stated that EGEM cryptocurrency was stolen from his MyEtherWallet (MEW) due to Google's inability to block an intruder from accessing his Google drive account in order to obtain his private key.

Redditor's Account On Stolen EGEM Tokens

Based on the Reddit user's account, EGEM tokens which were stored on MEW were stolen as a result of a hack on his Google drive account.

The breach was discovered while trying to play a cryptocurrency-based game on Discord which requires EGEM coins.

However, he was prompted by an error message stating that the funds held in his wallet were insufficient to allow him to play the game. He then decided to check his online wallet only to discover that it had been cleared of the thousands of tokens which it held.

While taken aback on how the hacker may have obtained his private keys, U/igortt stated that he had set up security measures to prevent his passwords from being illegally obtained.

One of such was through the “encryption of files” which were stored on his “encrypted laptop” as well as the refusal to store them online.

MEW Account Hacked Despite Security Measures

U/igorrt also noted that a few months before the hack, he had only been storing old documents and images on Google Drive.

However, the flash drive he had been using needed a replacement, and as such, he moved the text files containing his private keys to Google drive. He was then able to replace the flash with another and re-transfer copies of his document to it.

Down the line, he forgot to delete the backup on Google drive which had still be stored and during his investigation, he discovered that someone had accessed his account the previous day.

The intruder had only opened cryptocurrency folders which are believed to have led to their discovery to the key to the account.

U/igortt is also of the opinion that the hacker's actions were not random given that they knew which files to access and immediately cleared his holdings to another account before transferring it to Graviex exchange wallet.

Google Fails To Notify User Of A Possible Intrusion

In the same manner, a security check on Gmail accounts revealed that there was no trace or logins by a third party device. Likewise, Google did not send an alert of an unrecognized system logging into the account.

Therefore, U/igortt has decided not to store his sensitive files on Google drive again and has since moved them to an encrypted password manager app which he believes can offer a higher level of security.

The massive adoption of virtual currencies over the years has also led to an increase in cybercrime, with crypto-related crimes with the use of malware being rated as the top.

Bitcoin Exchange Guide on February 16 reported a similar event that Coinmama cryptocurrency exchange was hacked and about 450,000 emails and passwords were accessed.

Today's Crypto Price Predictions: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and BCH Analysis (Feb 27)

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Ogwu Emma
Ogwu Emma
Ogwu Osaemezu Emmanuel is a blockchain analyst with several years of experience in the cryptospace. He writes regularly for several leading cryptocurrency platforms

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex & Tether Class Lawsuit Revised; Adding Bittrex and Poloniex to Alleged BTC Price Manipulation

Revised lawsuit on Bitfinex’s alleged price manipulation of the market using Tether (USDT) during the 2017 bull run to $19,800 has added two...

‘Masked Hero' Calling to ‘Buy Bitcoin' Amidst the Peaceful Protests and Riots in the US

Bitcoin is taking an active part in the riots across America. People are protesting since last week over the death of George Floyd,...

DiversiFi, Formerly Ethfinex, Launches Its DEX 2.0 With Starkware; Processing 9,000 + TPS

Bitfinex sister decentralized exchange, DEX in short, DiversiFi, which relabeled from Ethfinex in August last year, announced a relaunch of their platform, now...

Bitcoin Difficulty Sees 2nd Largest Drop of 2020 to 9.29%; Hashrate & Price Continue to Dance

Today, the bitcoin network difficulty took a drop of 9.29% to 13.73 trillion, as per Coinwarz. This is the fourth downwards adjustment this year after...

Japan’s Top Banks Join Crypto Exchange-Led ‘Study Group' to Discuss Digital Payment System

Three Japanese banking industry heavyweights are joining arms in a study group to focus on digital payment settlement networks in the country. The...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today