News

MetaMask Denies Security Issues That Cause 5000 ETH Exploited

Key Points:

  • MetaMask said that recent tweets by Taylor Monahan falsely claimed that the large-scale wallet theft was the result of the MetaMask vulnerability.
  • Developer data shows that 5,000 ETH was stolen from different addresses on 11 blockchains.
  • The security team is working with others in the Web3 wallet space to investigate the source of this exploit.
MetaMask had denied allegations of a wallet vulnerability when a developer claimed that a large amount of ETH was stolen from MetaMask in late 2022 because of this issue.
MetaMask Denies Security Issues That Cause 5000 ETH Exploited 2

Web3 wallet MetaMask said on Twitter today that recent tweets by Taylor Monahan claimed that large-scale wallet theft was the result of a MetaMask vulnerability, which is incorrect.

The claim that 5,000 ETH was stolen from MetaMask is incorrect. The data shows that 5,000 ETH were stolen from different addresses on 11 blockchains.

According to Monahan, a MetaMask developer, approximately 5,000 ETH has been taken from the wallets of crypto veterans across different chains since December 2022.

The continuing breach specifically targets “OGs who are pretty safe,” the developer said on Twitter, however, it is unclear how the clever hacker is doing this.

According to the developer, the hacker would perform a secondary steal in the hours after their original heist in order to acquire assets and dust that they missed the first time. Large-scale thefts are committed by converting assets into ETH inside the victims’ wallets and subsequently into Bitcoin through a controlled swapper. After a week, the crypto gets washed through a tough crypto mixer to make it traceable.

Monahan also cautioned cryptocurrency veterans that the vulnerability differs from conventional phishing efforts or random crooks. It does not target newcomers but rather individuals with some expertise in protecting their digital assets. As a result, the developer encouraged anyone who has assets linked to a single private key to transfer their money, divide up their assets, or get a hardware wallet.

The security team is investigating the origins of this attack in collaboration with others in the Web3 wallet industry. Users should, as usual, safely store seed phrases offline and save extra crypto in hardware wallets.

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

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Is pump.fun Becoming the “Dark Web” of Blockchain?

pump.fun’s unregulated live streams expose troubling societal behaviors, raising questions about blockchain ethics and decentralized…

41 minutes ago

Bonk (BONK) Price Jumps 175% in November, Could Shiba Inu (SHIB) and Rexas Finance (RXS) Be the Next to Break Out?

SHIB has increased by 4.30% in the previous 24 hours, while Rexas Finance continues to…

1 hour ago

VTIS 2024: Unlocking the Gateway to Emerging Tech Markets

What must investors and businesses do to seize opportunities in the rapidly evolving technology landscape?…

1 hour ago

TON Hacker House Bangkok Draws 300+ Global Developers and 70+ Demo Submissions, Highlight the TON Ecosystem at Devcon Thailand, Powered by TONX

More than 50 Partners Gathered, Including TON Society, TOX, Yescoin, and MEXC, Converging in Bangkok

2 hours ago

Antarctic Exchange Chapter 2: Earn Rewards, Level Up, and Join the Revolution

The much-anticipated Antarctic Exchange (AX) Testnet Chapter 2 is here, kicking off on November 25th,…

3 hours ago

Cantor Fitzgerald Launches $2 Billion Bitcoin Lending Program

Cantor Fitzgerald plans a $2B Bitcoin Lending Program via Tether, leveraging Bitcoin as collateral and…

4 hours ago

This website uses cookies.