Crypto Wallet Metamask Denies Claims of $10M Exploit. According to Metamask, its security team is collaborating with others in the Web3 wallet space to find the source of the exploit.
- In a statement, MetaMask Wallet Denies Claims of $10M Exploit and assured its customers that security measures were in place to safeguard their funds.
Leading Web3 wallet provider MetaMask declined accusations that its wallet was impacted in a major “wallet-draining operation” that resulted in the disappearance of over 5,000 ETH. The company is currently entangled in a dispute.
MetaMask issued a post on Twitter refuting the charges in reaction to the hack claims. The company claimed that there was no proof of any security lapse or hack.
These claims came to light after Taylor Monahan, a developer for MetaMask and the creator of MyCrypto, posted on Twitter about the loss of $10.5 million in cryptocurrency and nonfungible tokens (NFTs) since December 2022.
Although she also added stating clearly that this is not a MetaMask-specific exploit and that all wallets including hardware wallets were also impacted by the hack.
“To be completely clear: this is NOT a MM-specific exploit.”
“Users of *all* wallets, even those created on a hardware wallet or generated for the Ethereum presale, have been impacted by this.”Taylor Monahan
The 5,000 ETH were taken, according to the wallet provider, “from different addresses across 11 blockchains.” Monahan said in her thread on the exploit that “no one knows how” this huge attack was carried out, but that her “best guess” was that a sizable amount of outdated data was retrieved and used to take the funds.
Although MetaMask asserts that it was unaffected by the breach, its security team has stated that it is collaborating with others in the Web3 wallet community to identify the origin of this exploit. Further instructions from the wallet advised users to keep their Secret Recovery Phrase safely offline and to keep larger amounts of cryptocurrency in a hardware wallet.
The most recent report simply fuels the fire of growing security worries in the Bitcoin industry. It is obvious that users need to take care to secure their digital assets, even while the debate around the suspected hack of MetaMask wallets continues to develop.
Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.