MetaMask, a web3 wallet, has denied recent claims by Taylor Monahan that large-scale wallet theft had anything to do with a MetaMask vulnerability. Instead, data shows that 5,000 ETH were stolen from different addresses on 11 blockchains since December 2022. Monahan, a MetaMask developer, described the breach as specifically targeting “OGs who are pretty safe,” and the hacker was able to exploit users' wallets through the use of a swapper and crypto mixer.

According to Monahan, after a target's wallet was drained, the hacker would then return in a few hours to get any additional assets or dust. Security teams from MetaMask and other Web3 wallets have stated that they have been collaborating with each other to investigate the attack's source.

It's important to note that the vulnerability does not target users who do not have experience in protecting their digital assets. Cryptocurrency veterans, especially those with assets tied to a single private key, should be utilizing best security practices like transferring their money, shielding their assets, or using a hardware wallet.

Since cryptocurrency is decentralized, it is up to users to take the necessary precautions for managing it safely. Storing a recovery seed phrase in a safe place and investing in a hardware wallet can go a long way in avoiding potential theft and fraudulent activity. None of these measures are fool-proof, however, it is wise to take extra precautions when handling valuable digital assets.



Other News from Today