The [Blockchain Backer Twitter](https://twitter.com/B_CBacker) feed was bound to have an opinion on a recent multi-million dollar crypto hack, and it didn't disappoint.

Blockchain analysis researchers have traced the large quantity of cryptocurrency stolen last month from the Ronin network bridge to the North Korean hacking group Lazarus. The hackers stole large amounts of the [Ethereum](/coins/eth) currency and USDC stable coins totaling $540 million at the time.

It is believed that North Korean cybercriminals targeted multiple organisations in the blockchain technology and cryptocurrency industry. The hacks started with phishing messages to employees on various communication platforms. High-paying jobs were offered to coerce the potential victim to download cryptocurrency applications that contain malware.
 
Sky Mavis is looking to recover 173,600 Ethereum and $25.5 million from the hackers. The attackers zoned in on the bridge to Ronin blockchain, which acts as an intermediary between Axie Infinity and blockchains such as Ethereum. Where users deposit Ethereum or USDC to Ronin and then purchase non-fungible token items or currency within the game. They can also sell their in-game assets and withdraw the money.
 
The attackers used hacked private security keys to compromise the network nodes that validate transfers to and from the Ronin blockchain. 

After compromising four of Sky Mavis’ nodes, the attacker exploited them to get access to one managed by the community-owned Axie DAO. 

This allowed them to override any transaction security and withdraw whatever funds they liked.

## Bitcoin Backer Twitter View

The hack could not have been prevented as the hackers used the features of the chain and the ability to vote against it, according to Charlie Shrem, Blockchain Backer, on Twitter. He tweeted this to his 250k followers on Twitter, where he interviews and regularly discusses the impact of Bitcoin and Blockchain. 

On Blockchain Backer Twitter, Shrem recommends that people do not save screenshots or text files of their passwords and private keys on their computers, as hackers can scan them without them knowing. In his opinion, password managers are a better option for your accounts as you can create randomized passwords without remembering them all!

Shrem founded BitInstant in 2011, a platform that allows the exchange of dollars into Bitcoin. It operated until 2013 and gained more than 700,000 followers. At a point, it was processing nearly 30% of all Bitcoin transactions.

In December 2014, Shrem was sent to prison for indirectly sending $1 million in Bitcoin to Silk Road. Shrem is considered a Bitcoin evangelist for how he brought Bitcoin to the mainstream. 

## Staying Safe

Cold storage is seen as more secure as your crypto will be on an encrypted flash drive. So, if a thief wants them, they’ll have to steal the physical device. You can also enable two-factor authentication (2FA) on your accounts. Then a thief would need not just your password, but to gain access to your mobile phone. If hackers gain access, you can receive your access code by downloading an app that is a hardware key designed for 2FA. 

Blockchain Backer Twitter View on Crypto Hack

For most average investors, cryptocurrency is still a strange concept. Because crypto and blockchain technologies have so many technical features, there is a rising demand for experts in the cryptocurrency field who can educate investors on the fundamentals.

This could take the shape of day-to-day crypto trading, researching various currencies, or simply offering general market comments.

Blockchain Backer is one of several gurus in the burgeoning cryptocurrency social media sector. Less well known than more popular crypto gurus like Anthony Pompliano, who has been on [CNBC's](https://www.cnbc.com/world/?region=world) Mad Money with Jim Cramer, Blockchain Backer's prominence on Twitter and YouTube is growing. But who's the blockchain expert, and should you pay attention to what he says?

This article looks at a crypto market analyst, a blockchain backer.

## Who is Blockchain Backer?

Charles Shrem is an American entrepreneur, Bitcoin advocate, and popular industry technical analyst. Blockchain Backer is a crypto analyst who discusses the future of the market. His YouTube account has more than 122,000 subscribers, compared with Anthony Pompliano's 162,000. Although there are broader cryptocurrency networks, such as Coin Bureau, Blockchain Backer is now the most popular crypto influencer due to the number of subscribers.

Blockchain Backer even uses his Twitter account to share his market insights. Plus, he uses his website to sell his course on how to understand the cryptocurrency markets from a technical standpoint. His primary focus is on identifying strong crypto exit chances and knowing when to cash out.

In 2011 he became a co-founder of the now non-operational startup company BitInstant. He was a founding member of the Bitcoin Foundation and previously served as vice-chairman. Shrem's investment in cryptocurrency includes Bitcoin, Ethereum, Litecoin, Dash, and Zcash. He is an early investor in BitPay, Kraken, Purse.io, and ShapeShift.

Shrem founded Unikrn with Rahul Sood in 2014 to provide online betting platforms for competitive video gaming. He was, in December 2014, sentenced to two years in prison for helping to operate an unlicensed money transfer business linked with the Silk Road marketplace. He was set free from federal prison in 2016. A year later, he became a partner of Barry Silbert's Digital Currency Group, which launched a new crypto investment fund known as CryptoIQ. 

### Blockchain Backer featured videos of his interview with Jim Cramer 

Blockchain Backer featured his conversation between Jim Cramer, CNBC's Mad Money host, and Anthony Pompliano in recent Youtube videos. In one video, he said that he believed the present Bitcoin uptrend was nearing its peak.

## Blockchain Backer outlook on Crypto Market 

### What's the current state of the cryptocurrency market?

Blockchain Backer: The current state of the cryptocurrency market is quite interesting. It's matured. There was a time when it was completely immature and there were lots of scams, but now we're seeing more institutional money coming in and people who want to create value in this space. It's not just a bunch of noobs with no experience who are trying to make a quick buck, although they still exist, they're not as prevalent as they were before. I think it's good for the industry.

### Would you say that bitcoin has become mainstream now?

Blockchain Backer: Bitcoin is mainstream now; bitcoin is bigger than ever before. The price may, or it may not be, higher than ever before, but that's not necessarily the real metric here - it depends on how much value is being transferred around through bitcoin, and bitcoin is being used more and more every day by everyone: big companies like Microsoft and Dell; regular eCommerce stores; individuals all over the world are using bitcoin to transfer money to each other quickly, cheaply, safely and anonymously.

### What are your thoughts on the current status of ICOs?

Blockchain Backer: It's still an unclear regulatory environment, but there is a lot more certainty now than there was a few years ago. The SEC is taking legal action against many fraudulent ICOs, and this trend will continue to grow as they crack down on bad actors in the space. With a ever-growing list of new digital assets and the volatile market trends of bear and bull market cycles, we are set to see increased SEC involvement for years to come. 

More [Blockchain news](/news/category/blockchain-news).


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