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In July 2023, in an office in Qingdao, Shandong province, a man surnamed Peng was setting up a new digital wallet. Moving a Bitcoin wallet required 12 English words, known as a mnemonic or seed phrase. The phrase functions like a password for opening the wallet. Whoever possesses it effectively owns the wallet.
As Peng created the new wallet, he wrote the 12 words on paper. He apparently did not notice a man surnamed Zhang beside him taking a glance. In that brief moment, Zhang memorized 11 words and the first letter of the 12th, according to the case record. That night he went home and sat down at his computer. Mnemonic phrases are drawn from a…
