Overview

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On-chain sleuth ‘Scam Sniffer’ has revealed that hackers are abusing a piece of code on Ethereum to get access to users’ crypto wallets and bypass the blockchain’s Investigation reveals a sophisticated Ethereum wallet drainer exploiting the Create2 code, successfully bypassing security alerts and leading to substantial losses for users. Hackers stole more than $60 million worth of crypto in six months from Ethereum wallets with Create2, according to on-chain sleuth ScamSniffer. Hackers have stolen over $60 million worth of crypto from nearly 100,000 victims in the past six months by exploiting a piece of Ethereum code to bypass security alerts Over $60 million worth of the virtual currency Ether, Bitcoin ‘s largest competitor, has been stolen in a hack that’s still ongoing as of Friday morning. Meanwhile, the Hackers that stole more than $60 million worth of crypto in six months are using a piece of code to bypass security alerts after maliciously gaining access to private keys

Hackers Steal $60 Million in Crypto Using Ethereum Code: Create2 Exploit Uncovered

A sophisticated Ethereum wallet drainer is making headlines as hackers have stolen over $60 million worth of crypto from nearly 100,000 victims in the past six months. Investigation reveals a sophisticated Ethereum wallet drainer exploiting the Create2 code, successfully bypassing security alerts and leading to substantial losses for users. The root cause? A piece of Ethereum code is being abused to bypass security measures and gain access to user wallets. Hackers stole more than $60 million worth of crypto in six months from Ethereum wallets with Create2, according to on-chain sleuth ScamSniffer.

Ethereum's Create2 Code Exploited: A Deep Dive

On-chain sleuth ‘Scam Sniffer’ has revealed that hackers are abusing a piece of code on Ethereum to get access to users’ crypto wallets and bypass the blockchain’s defenses. This vulnerability centers around the Create2 opcode, which allows contracts to be deployed at a predetermined address, even before the contract code is actually written to the blockchain. The hackers that stole more than $60 million worth of crypto in six months are using a piece of code to bypass security alerts after maliciously gaining access to private keys.

How the Hack Works: Bypassing Security Alerts

The exploit cleverly bypasses standard security alerts, making it difficult for users to detect the fraudulent activity. The hackers are essentially front-running legitimate transactions, intercepting them and redirecting funds to their own wallets. Meanwhile, Over $60 million worth of the virtual currency Ether, Bitcoin ‘s largest competitor, has been stolen in a hack that’s still ongoing as of Friday morning.

Key Takeaways and Prevention

The ongoing situation highlights the importance of vigilance and security best practices within the crypto space. Users are advised to:

  • Double-check all transaction details before signing.
  • Be wary of unsolicited requests for wallet access.
  • Use hardware wallets for enhanced security.
  • Stay informed about the latest security threats.

The Ethereum community is actively working to address this vulnerability and prevent further losses. Stay tuned for updates and further analysis as the situation develops.

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