The Blockchain Bandit, a hacker infamous for exploiting vulnerabilities in Ethereum wallets, has resurfaced after years of inactivity, collecting stolen assets.
On December 30, Blockchain Researcher ZachXBT It has been reported that the hacker transferred 51,000 ETH worth approximately $172 million to a wallet.
The funds were transferred from ten previously inactive wallets and were the first significant hacker activity in recent years.
Blockchain Bandit
this Blockchain Bandit It gained notoriety by exploiting weak private keys in the Ethereum blockchain. The technique involved targeting wallets with insecure keys, often set to simple sequences such as “1”, “2” or “3”. These vulnerabilities allow a hacker to extort cryptocurrency from unsuspecting users.
The scale of these exploits was first revealed in 2019 when security researcher Adrian Bednarek discovered the issue during a routine investigation.
He identified hundreds of wallets using weak keys and revealed the hacker's systematic method of scanning for such vulnerabilities. This approach, known asto grind“, enabled automatic theft of compromised wallets.
Over two years, the hacker compromised 732 private keys and made nearly 49,000 transactions. Their activity peaked between 2016 and 2018, stealing over 45,000 ETH in just eight months.
After this spree, the hackers' wallets remained untouched – until now.
The re-emergence of the blockchain bandit highlights the ongoing security challenges in the crypto ecosystem.
Despite advances in wallet technology, Web3 researcher Peeks noted that several cryptocurrency users are still vulnerable to similar attacks due to poor key generators, poor wallet practices, and the potential for human error. Researcher added:
The Bandit's playbook isn't old – it's a warning.
In addition, the blockchain bandit yield also sheds light on a broader trend of increasing crypto theft. This year, the loss of digital currencies reached 2.3 billion dollars21 percent increase compared to the previous year. It is worth noting that cybercriminals associated with North Korea are the main cause of this 1.34 billion dollars of this loss.
