A perplexing incident involving a hack that targeted experienced cryptocurrency users has left top security experts scratching their heads. On April 18, Taylor Monahan, the founder and former CEO of Ethereum wallet manager MyCrypto, took to Twitter to reveal that over 5,000 ETH h...
A perplexing incident involving a hack that targeted experienced cryptocurrency users has left top security experts scratching their heads.
The concerning aspect of this hack is that it affected the hardware wallets of users who had made security their top priority, as reported by Monahan.
To clarify, the victims of this hack are not inexperienced individuals who have fallen for obvious phishing scams. According to Monahan, the attack is much more sophisticated, and it’s the seasoned veterans of the crypto world who are being affected. “No one knows how,” she added.
The ongoing investigation indicates that the attack vector may be related to the compromised secret recovery phrases of these users. This could be due to the unintentionally insecure storage of these phrases somewhere along the line.
It is worth noting that crypto users rely on private keys to gain access to their digital or physical wallets and authorize transactions on the blockchain.
Her advice to users is to avoid keeping all their assets in a single key or secret phrase for years.
MetaMask’s security team also recommends that users do not store private keys on internet-enabled devices or online.
They further advised that if a wallet is so old that one cannot remember if they have been entirely diligent with its keys, it is best to create a new wallet to safeguard the funds.