Science

1inch network warns investors over cryptocurrency vulnerability in profanity

Decentralized exchange aggregator 1inch has issued a warning to crypto investors after a vulnerability was discovered in Profanity, an Ethereum (ETH) custom address generation tool, as hackers stole $3.3 million worth of cryptocurrencies, Cointelegraph reported.

As reported by Cointelegraph, on September 15, 1inch reported a lack of security when using profanity due to using a 32-bit vector to populate 256-bit private keys. Further investigations revealed some ambiguity regarding the creation of personalized addresses, suggesting that the Profanity wallets were hacked covertly. A subsequent investigation by blockchain researcher ZachXBT revealed exploitation of a vulnerability that allowed hackers to withdraw $3.3 million in cryptocurrencies.

Based on information from Cointelegraph, ZachXBT helped a user save over $1.2 million in cryptocurrencies and non-fungible tokens (NFTs) by alerting them to a hacker who had access to the user’s wallet. However, the hackers have shown behavior targeting larger wallets before moving on to lower value wallets. Users with wallet addresses generated by the Profanity tool received an offer to transfer all their assets through another 1-inch wallet.

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In addition, Cointelegraph noted that while some hackers are looking for a traditional method to steal crypto funds after gaining access to their crypto wallets, others are trying to introduce various innovations to trick investors into sharing their private keys. Recently, one of the scams occurred involving the hacking of a YouTube channel to play fake videos of Elon Musk discussing cryptocurrencies. On September 3, the South Korean government’s YouTube channel was briefly hacked and rebranded to post live video streams of the cryptocurrency. The reasons for the hack were considered to be the ID and password of the YouTube channel.

(According to Cointelegraph)

See also: Gaming companies intend to introduce blockchain games

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