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Ethereum: Why do people go looking for old hardware that has a wallet?

Published by Terlumun Aondover on February 9th, 2025.

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Some users may be concerned about the security of their digital assets, especially since they are vulnerable when their computer is lost or damaged. The idea that a single device can become a hotbed for malware and other malicious activities might seem like a nightmare scenario, but it’s actually just a reality we all have to deal with.

For example, if you have an old laptop that has been lost at home before, someone could easily access its hard drive or flash drive without your knowledge. If the user only had the recovery phrase, they would be able to recover their bitcoins from this device. This is exactly what happened in 2017 when a man named Alex Vlasenko lost his computer containing an estimated $250 million worth of bitcoin.

Vlasenko was able to retrieve some of his funds because he kept a backup of his wallet on an external hard drive that belonged to someone else, and the recovery phrase used by this person allowed Vlasenko to access and recover some of his bitcoins. This is why it’s so important for users to keep their recovery phrases safe in case something like this happens.

In addition to using a strong password or recovery phrase, there are other measures you can take to protect your digital assets. These include:

Keeping multiple backup copies of your data, including your wallet

Using two-factor authentication (2FA) whenever possible

Being cautious when downloading software or accessing the internet from public computers

By taking these precautions and being aware of the potential risks, you can reduce the likelihood that someone will try to access your digital assets and steal your bitcoins.

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