The popular Ethereum wallet, MetaMask, has issued a statement stating that no wallet exploit was used in the recent $10 million hack. On April 15th, a hack was carried out that compromised the NFT marketplace, Nifty Gateway, a major NFT marketplace.
According to MetaMask, the investigation indicated that the breach was the result of a phishing effort that targeted a Nifty Gateway employee, granting the hacker access to the company’s infrastructure. No vulnerability or attack was discovered in the Meta wallet.
Metamask Clears Wallet Exploitation Of Loss Of Funds
On April 18, Meta Mask tweeted in response to Taylor Monahan, the founder of Ethereum wallet manager MyCrypto, who stated on April 17 that an unnamed wallet-draining vulnerability has stolen over $10.5 million in crypto and nonfungible tokens (NFTs) since December 2022
“Recent reporting on [Monahan’s] thread has incorrectly claimed that a massive wallet-draining operation is a result of a MetaMask exploit,”
The security team at MetaMask revealed that they had been working nonstop to find the attack’s origin. Additionally, they are working with other teams in the Web3 wallet industry to unravel the mystery of the significant attack.
Monahan said that “no one knows how” this huge attempt was carried out in her post on the issue, but that her “best guess” was that a sizable amount of old data was retrieved and used to take the funds.
She initially claimed that the attacker was utilizing Meta Mask to eliminate expert users and staff members.
Later, Monahan claimed that the issue is not limited to Meta and that “users of all wallets, even those created on a hardware wallet,” have been affected.
A member of the cryptocurrency community named Jacky Goh stated that users switched to hardware wallets as a result of the breach. Goh pointed out that the anonymous breach serves as a reminder for consumers to store their cryptocurrency assets in a more secure manner.
Ohm Shah, a co-founder of Wallet Guard, stated in a speech that although the MetaMask team has been conducting ongoing research, the specifics of the hack are still unknown. Shah mentioned that the inquiry into the enigmatic large-scale getting involves a number of more independent security researchers.
Shah continued by saying that although there isn’t any verified information on the disappearance of digital assets, speculation is beginning. They thought there might be some seed phrase or private key leakage.
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