Ethereum Wallet Drainer Steals $60M in Six Months

Ethereum Wallet Drainer Steals $60M in Six Months

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, according to on-chain sleuth ScamSniffer.

The wallet drainers are misusing Create2, a piece of code that is used by the likes of Uniswap to predict the address of a contract before it is deployed on the Ethereum network.

By misusing Create2, wallet drainers can instantly create temporary wallet addresses to receive funds after a user clicks on a malicious signature. When users send funds or interact with a smart contract, they will be prompted to “approve” a signature,

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