1inch Users Are In Danger Of Losing Their Assets Due To A Faulty Wallet Address

Justin Bebis, CEO of Byte Masons Web3 development firm, stated that one of the old wallets of 1inch Network (1INCH) addresses is being misused by criminals.

Bebis has turned to Twitter to notify users that malefactors hold an outdated address on the Fantom (FTM) network that was formerly used by the 1inch Network multi-blockchain DeFi protocol.

A malicious contract was sent to the address 0x11111112542d85b3ef69ae05771c2dccff4faa26 by the attackers. As a result, any DeFi users who interacted with the contract risked losing their money.

Bebis instructed any Fantom users who have accepted transactions with the aforementioned hacked address to revoke them immediately.

The address is categorized as an Exploit and Phish/Hack address by a prominent Fantom network explorer service FTMScan as publication time. The attackers are most likely using the same vector as the previous Profanity address vulnerability that made news in mid-September 2022.

At the time, attackers targeted vanity (partially human-readable) address generators, gaining access to key-generating devices and draining approximately $3.3 million.

Following Bebis’ warning, one of the 1inch Network’s inventors, Sergej Kunz, said that certain API endpoint users approved transactions to a Fantom address that, in reality, only existed on the Ethereum network (Ethereum and Fantom contracts use the same 0x-like addresses).

Kunz further indicated that a refund scheme had been started and that impacted users had already been notified. He further added that 1inch law officials are prepared to report the attack to the police.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News