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MetaMask denies involvement in a $10.5M crypto theft exploit.
MetaMask, a popular cryptocurrency wallet provider, has denied allegations that its wallet was the cause of a significant exploit resulting in the theft of over 5,000 Ether and other digital assets. The exploit has been reported to have cost over $10.5 million in losses since December 2022.
MetaMask responded to tweets made by the founder of Ethereum wallet manager MyCrypto, Taylor Monahan, stating that the wallet-draining exploit was not specific to MetaMask and that the funds were hacked from various addresses across 11 blockchains. The company added that its security team was researching the source of the exploit and working with others in the Web3 wallet space.
MetaMask investigating massive crypto wallet exploit
Wallet Guard co-founder Ohm Shah speculated that the exploit could have resulted from a private key or seed phrase leak. Monahan, in her thread on the exploit, suggested that the attack was conducted using old data to extract the funds, but admitted that “no one knows how” this massive attack was carried out.
Monahan initially claimed that the attacker had been draining long-time MetaMask users and employees, but later stated that the exploit had impacted users of all wallets, including those created on a hardware wallet.
The cryptocurrency community has been on high alert regarding wallet security following several high-profile exploits in recent years. MetaMask has been proactive in addressing the issue, stating that it is committed to the security of its users and is working with others to investigate the exploit.
The company has urged its users to remain vigilant and take steps to secure their wallets, such as enabling two-factor authentication and keeping their private keys and seed phrases confidential.