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The “Blockchain Bandit,” a hacker famous for exploiting vulnerabilities in Ethereum wallets, has resurfaced, consolidating stolen assets after years of inactivity.
On December 30, Blockchain Investigator ZackXBT I mentioned The hacker transferred 51,000 ETH, worth approximately $172 million, to a single wallet.
These funds were transferred from ten previously inactive wallets, marking the hacker’s first significant activity in years.
Blockchain bandits
the Blockchain bandits He gained notoriety by exploiting weak private keys on the Ethereum blockchain. This technique involved targeting wallets with insecure keys, often set to simple sequences such as “1,” “2,” or “3.” These vulnerabilities allowed a hacker to siphon cryptocurrencies from unsuspecting users.
The extent of these vulnerabilities first became apparent in 2019 when security researcher Adrian Bednarek discovered the issue during a routine investigation.
He identified hundreds of wallets that use dangerously weak keys, revealing how hackers methodically search for such vulnerabilities. This approach is known as “Combing the ether“, enabling automated theft from compromised wallets.
Over the course of two years, the hacker compromised 732 private keys and conducted nearly 49,000 transactions. Their activity peaked between 2016 and 2018, with more than 45,000 ETH stolen in just eight months.
After this spree, the hackers’ wallets have remained untouched, until now.
The resurgence of the Blockchain Bandit highlights the ongoing security challenges within the cryptocurrency ecosystem.
Despite advances in wallet technology, Web3 researcher Bex noted that many cryptocurrency users are still vulnerable to similar attacks due to weak key generators, poor wallet practices, and the potential for human error. researcher He added:
“The Bandit playbook isn’t outdated — it’s a warning.”
Furthermore, the return of Blockchain Bandit also highlights the broader trend of rising cryptocurrency thefts. Cryptocurrency losses this year It reached $2.3 billionAn increase of 21% over the previous year. Notably, North Korea-linked cybercriminals are responsible $1.34 billion of these losses.
