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According to Taylor Monahan, the developer of MetaMask, an unidentified exploit has drained more than $10.5 million in nonfungible tokens (NFTs) and coins from experienced crypto community members since December 2022.
In his publication, Monahan estimated that at least 5,000 Ether had been stolen. However, the actual extent of the losses has yet to be determined.
He also mentioned that “nobody knows” how the exploit works yet, and it is distinct from typical phishing attempts or random scams. Instead, it targets relatively experienced users who generally know more than most about safeguarding their digital assets.
In his tweet, the crypto expert wrote:
“For the past 48hrs I’ve been unwinding a massive wallet draining operation 😳😭
I don’t know how big it is but since Dec 2022 it’s drained 5000+ ETH and ??? in tokens / NFTs / coins across 11+ chains.
Its rekt my friends & OGs who are reasonably secure.
No one knows how.”
The exploit’s known features are that it targets keys created between 2014 to 2022 and users who are more “crypto native.”
Monahan has advised those with their assets connected to a single private key to migrate their funds, split up their assets, or get a hardware wallet. Community member Jacky Goh has added to this advice, suggesting that those holding over $1,000 for more than a week should move their funds to a hardware wallet, as this will “save them in the long run.”
This news serves as a reminder for crypto users to take all necessary precautions to protect their assets, particularly by investing in hardware wallets, which provide an extra layer of security compared to software wallets. Overall, it is crucial for users to remain vigilant in this ever-evolving digital landscape to keep their digital assets safe from exploitation.