A new study has identified potential vulnerabilities in the transaction confirmation process that could be exploited by attackers to steal cryptocurrencies.
A report published by the developer of the cryptocurrency wallet MyCrypto states that vulnerabilities have been found in the transaction confirmation mechanism used by automated market makers.
The researchers explain that this feature allows a third party to send tokens from a user’s account on their behalf. Moreover, people are used to the fact that fraudsters try to steal their private keys and do not expect threats from this side.
“Using the token validation function is a smart move. Most users think, “If they don’t have my key, then they can’t sign the transaction, so they can’t steal my assets.”
Chainlink Holders At Risk
The study also states that scammers are currently targeting Chainlink (LINK) holders. They send out emails with information about a fake network update that will supposedly reduce gas fees and support meta-transactions.
“The promise to reduce the cost of gas precisely hits the request of the target audience and creates excitement. People will rush to “renew” without hesitation, as soon as possible. ”
Attackers publish the verified contract on the blockchain using the token confirmation function to make everything look authentic. Users are then prompted to set up a confirmation feature for their wallets. Once they do this, the hackers will gain access to their coins and be able to transfer them to their accounts.
The report provides examples using addresses that have activated the confirmation function. Tokens from there have already been stolen.
The report says that at the time of writing, attackers have already stolen 266 LINK tokens worth $ 7,200. There are now 1,111 LINK tokens worth about $ 30,000 on the balances of addresses where they transfer the stolen coins.
⚠️@sniko_ found 4 accounts that fell for a token approval scam targeting @chainlink holders.
2 accounts were already drained of their $LINK tokens!😫
If you own any of these, please go revoke access for 0x7ae7d6E2e61Fbf0Be780dd19B6A01f5D44bedE89 at https://t.co/oI3YM7pl0x pic.twitter.com/THGLJwGNFU
— MyCrypto.com (@MyCrypto) February 25, 2021
The researchers concluded that the same group runs multiple fraudulent campaigns at once.
Be carefull
To protect against fraudsters, users are encouraged to check to whom they give confirmation to send tokens. This permission can be revoked using the revoke.cash tool.
In addition, before updating, you should always check that the notification or newsletter was received from a reliable source, as the number of scammers is growing every day.
With the rise in the price of cryptocurrencies, hackers and attackers are becoming more active who want to steal your money, so users will need maximum vigilance.
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