Security News > 2024 > March > Crypto wallet providers urged to rethink security as criminals drain them of millions

Infosec researchers are noting rising cryptocurrency attacks and have encouraged wallet security providers to up their collective game.

Check Point specifically cites the growth of attacks that abuse Ethereum's CREATE2 opcode, dubbing it a "Critical issue in the blockchain community" that's seeing millions of dollars worth of assets being drained from victims' wallets.

New addresses can be used for each attack, and this is crucial because wallet security providers rely on previously held data to flag potentially malicious transactions.

"As Ethereum continues to evolve, so too must the security mechanisms designed to protect users from such sophisticated attacks. Awareness and education are the first steps in safeguarding digital assets against emerging threats. Blockchain developers and users alike must remain vigilant, continuously updating their knowledge and security practices to navigate this ever-changing landscape securely."

Towards the back end of 2023, we saw a string of high-profile wallet-draining attacks netting cybercriminals hefty sums, and the attacks weren't localized to just the Ethereum blockchain either.

Justin Sun, founder of the Tron Foundation and owner of Poloniex, a crypto exchange that was drained of circa $120 million in November, offered a reward for the attackers at the time to return the funds they stole.

News URL

https://go.theregister.com/feed/www.theregister.com/2024/03/19/crypto_wallet_providers_urged_to/