Bitcoin OG: Lubian Mining Pool Hack Has Nothing to Do with Bitcoin’s Own Security
Jinse Finance reported that in response to the recent heated discussion in the crypto community regarding the theft of 127,000 BTC from the Lubian mining pool, which was eventually seized by the US government, Bitcoin OG 2040 posted on X stating that there are two ways to generate a wallet private key: 1. The simplest is for users to hash {email (uid) + password} to create a private key. This method is one-time use and lacks sufficient strength; 2. Using HSM hardware encryption to generate the private key, which can meet the cryptographic strength requirements for wallet private keys. Lubian used the first method, so the theft was only a matter of time. Even if it wasn't stolen by outsiders, there was a risk of insider theft. Such hacks have nothing to do with the security of Bitcoin itself. Bitcoin has always been the most secure in crypto, bar none.
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