An advertising security agency Confiant discovered a number of suspicious activity that involved distributed wallet apps. This allowed hackers to steal personal seeds and obtain funds via imposter wallets. These apps can be downloaded by cloning legitimate websites, creating the illusion that they are original.
Cybercriminals Target Web3-Enabled Money Wallets, Like Metamask
As hackers become more inventive in their attempts to exploit cryptocurrency users, they are using more sophisticated techniques. Confiant, a firm that examines the quality and security of advertisements and warns users about a new type of attack on popular Web3 wallets, such as Metamask and Coinbase Wallet, is dedicated to identifying and preventing these attacks.
The cluster, that was identified as “Seaflower,” was qualified by Confiant as one of the most sophisticated attacks of its kind. These apps are almost identical to their original counterparts but use a completely different codebase, which allows hackers to access the seed phrases and funds.
Distribution and recommendations
These apps were distributed mostly through search engines like Baidu, which are not regular stores. According to investigators, the cluster is likely Chinese-derived due to how the code comments were written and elements such as infrastructure location and services.
Because of the clever use of SEO optimizations these links are able to rank well in search engines, fooling users into thinking that they’re accessing the genuine site. These apps are sophisticated because of the complexity of the code, which obscures much about how the system operates.
This backdoored app transmits seed phrases to remote locations at the same moment it’s being built. It is also the primary attack vector for Metamask. Seaflower uses the same attack vector for other wallets.
A series of tips were also provided by experts to help keep your wallets secure on devices. Backdoored apps are not available outside of app stores. Confiant suggests that you only install such applications from the official store on iOS and Android.
Let us know your thoughts on the Metamask backdoor and Web3 wallets. Comment below.
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