Hacker steals $3.3 million using Profanity’s vanity Ethereum addresses | Bitcoinist.com

Bitcoinist

Since the crypto industry expanded its growth, it has become the favorite place for hackers to commit exploits. The Ethereum vanity addresses generated via the Profanity tool have now become the latest loophole to dupe millions of crypto users.

As per the market insights provider firm, Etherscan, Ethereum custom addresses created via the Profanity tool have been breached by a hacker who stole almost $3.3 million from several custom ETH addresses.

How To Get Free Crypto  
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading: Crypto Trading Firm Wintermute Has Suffered $160 Million Hack

ZachXBT, an expert tracking the hacker’s activity, first detected and informed about the breach that began on September 16. The anonymous sleuth also preserved a user’s NFTs worth $1.2 million who moved his assets from vanity addresses after being informed.

Vanity addresses are something like a golden number of vehicles for which riders pay high in an attempt to show off. Likely, vanity addresses involve one’s name or desired info to appear as a distinguished address created via tools like Profanity. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

1Inch Exposed Profanity’s Vulnerabilities Before Exploit

It is worth noting that decentralized exchange aggregator 1Inch, who previously suggested using the tool, informed the community before the hack that vanity addresses pose higher vulnerabilities. In the report published last week, the firm suggested users move their funds from wallet addresses made using Profanity.

1Inch said that Profanity became a prominent tool to generate millions of addresses in one second, and the wider crypto community was using it. But, then, 1Inch’s contributors detected used procedure was not flawless and open to exploitation.

Coinbase Banner  

Experts noted that the tool’s procedure uses a 32-bit vector for generating 256-bit code, so-called private keys. And this process was recognized as unsafe in the report. The report reads;

The 1inch contributors checked the richest vanity addresses on popular networks and came to the conclusion that most of them were not created by the Profanity tool. But Profanity is one of the most popular tools due to its high efficiency. Sadly, that could only mean that most of the Profanity wallets were secretly hacked.

Ethereum’s price is currently trading above $1,300. | Source: ETHUSD price chart from TradingView.com

Hacker Cashed Out Stolen Money After 1Inch’s Report

The hacker drained money from the targeted wallet addresses immediately after the 1Inch report exposed the vulnerabilities, per ZachXBT. The hacker then moved stolen funds to a new Ethereum address.

Tal Be’eryBe’ery, chief technology office and security head at ZenGo, commented on the breach;

“Seems like the attackers were sitting on this vulnerability, trying to find as many private keys as possible of vulnerable Profanity-generated vanity addresses before the vulnerability gets known. Once publicly exposed by 1inch, the attackers cashed out in a few minutes from multiple vanity addresses.”

Related Reading: Bearish Crypto Market Sentiment Sends Investors Back To Stablecoins

Additionally, a Profanity developer also warned users about the vulnerabilities he found in the code a few years ago. The developer highlighted the issues on GitHub and abandoned the project by revealing the current state of the tool is unsafe to use.

FreeBitcoin Banner  
Featured image from Pixabay and chart from TradingView.com

Go to Source
Author: Alyz


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.