MetaMask refutes alleged wallet exploit claims – ‘not a MetaMask-specific exploit’

MetaMask, a leading Web3 wallet provider, is currently embroiled in a dispute over claims that its wallet was exploited in a massive “wallet-draining operation” — resulting in the disappearance of over 5,000 Ethereum (ETH).

As reported by CryptoSlate on April 18, these allegations surfaced after Taylor Monahan — a MetaMask developer and founder of MyCrypto — took to Twitter to report the loss of $10.5 million in crypto and nonfungible tokens (NFTs) since December 2022.

However, MetaMask has strongly denied the claims through a series of tweets — stating that their platform has not been exploited in any way.

MetaMask tweeted :

“Recent reporting on [Monahan’s] thread has incorrectly claimed that a massive wallet draining operation is as a result of a MetaMask exploit. This is incorrect. This is not a MetaMask-specific exploit.”

According to MetaMask, the funds were siphoned from different addresses across 11 blockchains and denied that their wallet was compromised in any way.

MetaMask investigating the source of exploit alongside other Web3 players

In a series of tweets, the wallet provider confirmed that they were collaborating with others in the Web3 space to identify the root cause of the exploit.

According to Monahan, it is unclear how the exploit was carried out but she speculated the attacker may have obtained a large amount of old data that was used to exploit the funds.

Initially, she claimed that the attacker was targeting long-time MetaMask users and employees by exploiting a vulnerability in the MetaMask platform. However, Monahan later clarified that the exploit is not specific to MetaMask and that users of all wallets — including those created on a hardware wallet — had been affected. 

The cryptocurrency industry is no stranger to hacks, rug-pulls, and exploits of various kinds. Unfortunately, 2023 has been a particularly difficult year for several DeFi protocols, including Euler Finance, Ronin Network, Nomad Bridge and Wormhole Bridge. All of these platforms have experienced significant losses due to various exploits, adding to the growing list of incidents in the industry.

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