In a concerning trend, hackers, specifically wallet drainers, have begun to leverage the CREATE2 opcode on the Ethereum network to sidestep security measures in select wallets. This development was revealed on Sunday via an X post by blockchain security company Scam Sniffer.
Over $60 Million Lost To Hackers Via CREATE2 Exploit, Report Says
The CREATE2 opcode was designed to allow the prediction of a contract address before deployment. Most notably, it is used by prominent decentralized exchange Uniswap to facilitate the creation of pair contracts.
However, using this feature, cybercriminals have found a way to bypass security checks in regard to investor wallets. Scam Sniffer explains that hackers use CREATE2 to effortlessly generate momentary new addresses, each with a malicious signature.
When unsuspecting investors sign this crafted signature, the hackers deploy a contract at the predicted address and process an unauthorized transfer of assets. Using this technique, these bad actors have been able to operate undetected, siphoning large amounts of funds from innocent victims.
1/ Here is a real case happened 9 hours ago
A victim lost $927k worth of $GMX after signing a `signalTransfer(address receiver)` transaction to the GMX Reward Router on Arbitrum.https://t.co/kB2Je5a0pK https://t.co/78k82fbRfk pic.twitter.com/izfKPeBW9p
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) November 12, 2023
Speaking about a sample incident, Scam Sniffer explains how a victim lost $927,000 wort
Go to Source to See Full Article
Author: Semilore Faleti
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
