Clear Lens Hacks

Apple user loses $650,000 quickly as iCloud hack exposes MetaMask vulnerability

single-image

As the market for cryptocurrencies and non-fungible tokens (NFTs) grows larger, it becomes an increasingly attractive target to hackers who devise new and more efficient ways to get their hands on other people’s assets, exploiting major vulnerabilities in platforms.

In one of the most recent hacking incidents, an attacker managed to steal a person’s entire collection of cryptocurrencies and NFTs worth more than $650,000, from their MetaMask crypto wallet, as reported by CNET on April 18.

A few days before, the victim, Domenic Iavocone, took to Twitter to convey what exactly happened:

According to Iavocone, the stolen assets included $160,000 worth of Ethereum (ETH), a Mutant Ape Yacht Club NFT worth an estimated $80,000, as well as $100,000 in ApeCoin (APE) and $250,000 in Tether (USDT).

Clearly, the hackers deployed a sophisticated phishing technique to gain access to the victim’s iCloud account. However, this did not explain how they gained access to his MetaMask wallet, which requires a 12-word seed phrase to enter. Iavocone didn’t have this seed phrase written down in any document stored on iCloud.

Using iCloud backup to get to the wallet

To provide an explanation, a security expert nicknamed Serpent said that iCloud automatically stores the seed phrase file of the person’s wallet if the MetaMask app is used on iPhone. In other words, gaining access to someone’s iCloud account will automatically grant access to their seed phrase file in such a case.

According to Serpent, “it’s going to happen to a lot more people” and the key to avoiding such unfortunate events is to:

“Always use a cold wallet to store your valuables. Never give out verification codes to anyone. Protect your information, don’t give out your phone number or your personal email. Caller information is easy to spoof. Companies like Apple will never call you.”

It is worth noting that a cold wallet, also called a hardware wallet or cold storage, is a physical device resembling a USB drive that stores an individual’s private keys and cryptocurrency completely offline, away from any attacks exploiting online software.

MetaMask details how to disable iCloud backup

In the meantime, MetaMask has posted on its Twitter account the instructions on how to disable this backup:

Considered a hot wallet, MetaMask is one of the most popular software cryptocurrency wallets for holding ERC-20 tokens and interacting with decentralized apps (dApps) on the Ethereum and Binance Smart Chain (BSC) networks.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


© 2022 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

QR-CRYPTO-W-TEXT-updated-A1-1

CryptoCaster’s mission it to keep a finger on the pulse of the transition, adoption, and evolution in the medium of exchange paradigm shift. As world governments grapple with the inevitable change taking place to opt away from the captivity of the legacy fiat system, the CryptoCaster team remains steadfast in bringing our readers front row information.
The gravity and inertia of decentralized, permissionless blockchains threatens the top 10% beneficiaries of the current system of wealth distribution. Our team of sentinels operates to cover and uncover agendas that pertain to markets, asset classes and scams threatening crypto ecosystems.
Currently, we do not ask for a subscription rate. We appeal to our readership to contribute Bitcoin as support with any Bitcoin amount at any comfortable interval.
Thank you for your consideration and support.
CryptoCaster℠ is a member of the GLOBAL META MEDIA CONSORTIUM-G2MC.

Scan or Tap for more information

Leave a Comment

Your email address will not be published.

You may also like