Hackers Steal $60 Million In Cryptocurrencies With Ingenious Hack.

14 Nov 2023

Alert! A group of hackers has managed to steal more than $60 million in cryptocurrencies from more than 100,000 users, taking advantage of a vulnerability in the smart contracts of some websites. The attack, which was discovered by cyber research company Scam Sniffer, involves generating fake payment addresses that trick users' wallets into believing they are sending their funds to a legitimate address.

According to the Scam Sniffer report, hackers use the CREATE2 function, which allows the creation of smart contracts with deterministic addresses, that is, they can be predicted from certain parameters. This has some advantages, such as the ability to create smart contracts without deploying them on the blockchain, saving costs and time.

However, it also has a risk, and that is that if someone knows the parameters used to generate the address of a smart contract, they can create another smart contract with the same address, but with a different code called "address collision attack". In this way, when the user connects their wallet to a fake website, which pretends to be an exchange or a DeFi platform, and authorizes a transaction, a payment address different from the original one is generated and the cryptocurrencies are sent to the address. controlled by hackers.

The most surprising thing about this attack is that the most popular wallets, such as MetaMask, do not detect any anomalies or alert the user that it is a malicious transaction. This is because the CREATE2 function is not malicious code in itself, but is used maliciously by hackers. Thus, the transaction appears completely legal and goes unnoticed by security controls.

To avoid this type of vulnerability and falling into these types of scams, it is essential to always verify the addresses of smart contracts before interacting with them and use reliable sources to obtain the correct addresses. It is also useful to use code analysis and auditing tools to detect possible address collisions or malicious code in smart contracts. Also avoid connecting your wallets to websites of dubious origin and use trusted wallets (although I am not going to make the mistake of recommending one as it is a personal decision).

Those responsible for this attack are anonymous hackers, however, it is likely that it will soon be attributed, as always, to North Korea or the Lazarus Group, perhaps Chinese or Russian hackers (that's sarcasm), but only time will tell. In any case, it is important that you take steps to protect your assets.


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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.

💖 Originally Posted: Publish0x

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Security breaches in the crypto space are a stark reminder of the importance of robust cybersecurity. As investors, staying vigilant and adopting best security practices is crucial in safeguarding our digital assets.
Bad to lose your assets to this hackers, prioritise security
Damn, so sad. Hackers are always evolving, they are so unpredictable. Thanks for the update💪
Thanks for the update!
hackers always evolving in the system
Crypto world is full of scammers, hackers too found easy way to earn money. So sad for the lose of users .
Hackers problem is a great limit for crypto global adoption