- A new kind of exploit has rocked the Ethereum ecosystem, draining dormant wallets inactive for more than 8 years.
- The hacked funds are visible on on-chain explorers, and a reference image has been shared below.
- Despite a few claiming it as a quantum attack, the current quantum technology is not a threat to Ethereum’s 256-bit encryption.
- Users on social media also think that this might be the result of an old, vulnerable smart contract, rather than being a coordinated attack.
- In any case, it is suggested by BFM Times that users change wallets to secure their funds.
Threat to 8 Yr+ Dormant Wallets
Old and dormant Ethereum wallets are now at risk as a new kind of crypto exploit has emerged in the Ethereum ecosystem, with inactive wallets inactive for more than 8 years now facing a series of attacks. These wallets are being drained by unidentified hackers using various methods.
Further, hackers are using Thorchain to launder the stolen funds. Thorchain is a multichain that supports native cross-chain transfers from blockchains without the use of intermediate platforms.
Below is a snapshot of the on-chain records of a few such hacks.
Responses on social media also claim that rather than being a coordinated hack, these drains could be the result of a weak smart contract or even a
Not a Quantum Hack
A few users on social media also claim that these are activities of Quantum Hackers; however, that is not true, as an Ethereum public key is at least 32KB and uses 256-bit encryption, far beyond the current capacity of quantum tech, which can only decode up to 15-bit encryption.
There is a high chance that the current series of hacks might not be quantum hacks because the current quantum technology isn’t advanced enough to hack a 256-bit encryption key. The latest reports indicate that it can only hack up to 15-bit encryptions.
It is expected to take at least 4-5 years to crack a 256-bit encryption. However, still then, the access to quantum computers might not be at a commercial scale, meaning only a few large institutions will be able to afford them.
Disclaimer: BFM Times acts as a source of information for knowledge purposes and does not claim to be a financial advisor. Kindly consult your financial advisor before investing.
