How valuable will crypto be if crypto exploits keep happening? Opinion for 'The Node' newsletter by danielgkuhn
, the private blockchain software technology that’s built much of Ethereum’s open-source tooling, including the MetaMask wallet and Infura application toolkit, are investigating the exploit, which appears to be “deliberately” targeting people who should know the ins-and-outs of crypto self-custody and security.
I mention this exploit not to spread fear, uncertainty and doubt. Right now it appears average or occasional users of MetaMask are not being targeted. But it is a moment to remember a few wallet best practices and to take stock of your holdings. Because of the sophisticated nature of the attack and the pedigree of the victims, the fallout could be severe.
However, there are a few commonalities among the victims: Most of the attacks have occurred on the weekend, and has the exploiter swapping assets within a victim’s wallet for ETH , consolidating that ETH and then transferring it out. Often the attacker has gone back hours, days or weeks after an initial attack to sweep remaining funds, Monahan said.
ConsenSys has not yet confirmed the attack, but Monahan could be said to be speaking for the organization in some capacity. ConsenSys acquired Monahan’s startup MyCrypto in February 2022, having implemented MyCrypto’s “scam blocklist” , which is used to protect MetaMask users from visiting known scam URLs in 2017, according to an announcement at the time. So she knows what she’s talking about.
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