Facebook user name Tiwat M. Chutipat Or Khun Arm has come out and posted a message with pictures about the loss of assets stored in a real Hardware Wallet worth more than 7 digits because of keeping Seed Phrase online.
The story begins with Mr. Arm wanting to transfer money and coins into his Trezor, but when he looks at it, he finds that his assets are only 24 baht. Mr. Arm doesn’t wait. I immediately went to check the transaction and found that it had actually been transferred from my Wallet.
In this regard, Mr. Arm has made inquiries to Professor Piriya. Samphantarak or Master Tum To ask about this incident and how it can be resolved. What the teacher asked Khun Arm was where Khun Arm kept his Seed Phrase, which Khun Arm kept in two places: 1. written down on paper 2. on LastPass. It appeared that Khun Arm’s Seed was lost because of LastPass.
**LastPass is a Password Manager system that helps remember various passwords that we use online. Users just need to remember the password for one LastPass account and can log in to various accounts linked to LastPass**
The reason why Khun Arm’s seed was removed from LastPass is because LastPass is the most widely used tool and therefore a target for bad actors. After that, Mr. Arm went to check to see if there had ever been a case like this.
As it turned out, there had been cases like this before as well. And it happened to the wallets of Khun Arm’s girlfriend and other people in the online world as well because LastPass was hacked and the seeds were leaked.
Mr. Arm also spoke about Passphrase This is a tool that helps increase the security of our bags. Revealing that if he had kept it in his passphrase, it would not have been lost like this. And after asking Mr. Arm, he found that Passphrase also helped. Because I strayed from adding the Passphrase and it didn’t work anymore.
By how the Passphrase works, even if the hacker or anyone else knows all 12/24 Seeds, if they don’t know the Passphrase, they can’t do anything because the Passphrase is determined by the wallet owner themselves. The advantage is that only the owner will know. which is very safe But the disadvantage is that you can’t forget it (Passphrase is one of Trezor’s options).
From this event It makes us see that even though we store our assets in one of the safest places, Hardware Wallet, if we don’t look at and maintain the Seed, which is the key to accessing assets, unexpected events may occur as well.