Bitcoins [BTC] and BCash [BCH] Worth $45 Million Stolen from Chinese Investor

22 Feb, 2020 Updated 20 May, 2025

Contributor

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on X at @nivishoes or mail him at nivesh(at)coingape.com

Read full bio

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

A Chinese investor has fallen victim to SIM hacking, enabling the hacker to steal cryptocurrencies worth more than $45 million.

According to Dovey Wan, a crypto analyst, probing into the incident tweeted,

BREAKING 100k* $BCH sim hack!! worth $30M from 1 single Chinese whale (he claimed lost $15M $BTC too) He’s now asking for help from miners ..I’m talking with top BCH pool owners on this OMFG ???

BCH address :qzumak2rvxksjgkjuxe2fe5jxatktlsnhy5sthr5p7

THIS IS REALLY BRUTAL

bch withdrawal — BCH Withdrawal from the Address Made on 22nd February (Source)

The Chinese investor, Zhoujianfu who had his Bitcoin Cash [BCH] and Bitcoin [BTC] stolen sought help from BCH miners in reversing the transaction at about 3 confirmations. Nevertheless, it looks like it went through anyway with 12 confirmations at press time.

In a subsequent post, he also notes losing $15 million in Bitcoin [BTC],

Also for what it’s worth, they got $15M in BTC too.. https://explorer.bitcoin.com/btc/address/1Edu4yBtfAKwGGsQSa45euTSAG6A2Zbone

Roger Ver, the leading proponent for Bitcoin Cash [BCH] explains in the thread what might have happened,

When they steal your phone number used for 2FA. This is usually done by social engineering the phone company.

SMS/message or e-mail based 2-Factor Authentication are prone to be hacked through central servers and also hardware theft. Cold storage for large amounts is one of best ways to secure one’s coin, with the passphrase can be memorized or kept in a secret location.

For redemption, Zhoujianfu can possibily sue the SIM provider for lapses in its security or negligence. However, in case of personal negligence (stolen SIM), the liability falls on to the investor alone.

How potent a threat is SIM hacking for the cryptocurrencies? Please share your views with us.

*Earlier Wan reported 1Million BCH hack which was later corrected to 100k

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

BestChange

Instant Currency Exchange at BestChange with Ease

Compare Rates Across 1000+ Exchanges
Access 250+ Cryptocurrencies & Pairs
Save Time with Real-Time Price Tracking
Trusted & Verified Exchange Listings

TAGS
bitcoin cash

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.