🚨 $2.3 million in MORPHO may have been stolen! On-chain investigator tracks the funds, raising fresh concerns about account authorization security!
Another security incident has hit the crypto market! On-chain investigator ZachXBT revealed that approximately 973,000 MORPHO tokens, worth around $2.3 million in total, were stolen from two addresses belonging to an organization. The funds were subsequently transferred to Tornado Cash. More concerning still, both thefts involved EIP-7702 account delegation transactions.
What should really serve as a warning here is not just the $2.3 million loss, but the fact that account authorization could give attackers an opening. In plain terms, EIP-7702 gives regular Ethereum accounts more flexible capabilities. But if the authorization process is exploited, or users sign transactions they don't understand, their assets could be put at risk.
ZachXBT also noted that the entity associated with one of the addresses suffered a loss of around $3.5 million on October 9, with the funds later moving through cross-chain services and privacy protocols. Another on-chain address is linked to an address believed to belong to Nima Capital, but that does not mean the related entity has been confirmed to be involved.
🔐 A reminder for all token holders: Don't sign blindly, check your authorizations regularly, and be especially wary of authorization requests from unknown sources! In the on-chain world, you can custody your own assets, but you must also take responsibility for your own security. No matter how good the market looks, wallet security is the bottom line.$DOOD $IOST
Another security incident has hit the crypto market! On-chain investigator ZachXBT revealed that approximately 973,000 MORPHO tokens, worth around $2.3 million in total, were stolen from two addresses belonging to an organization. The funds were subsequently transferred to Tornado Cash. More concerning still, both thefts involved EIP-7702 account delegation transactions.
What should really serve as a warning here is not just the $2.3 million loss, but the fact that account authorization could give attackers an opening. In plain terms, EIP-7702 gives regular Ethereum accounts more flexible capabilities. But if the authorization process is exploited, or users sign transactions they don't understand, their assets could be put at risk.
ZachXBT also noted that the entity associated with one of the addresses suffered a loss of around $3.5 million on October 9, with the funds later moving through cross-chain services and privacy protocols. Another on-chain address is linked to an address believed to belong to Nima Capital, but that does not mean the related entity has been confirmed to be involved.
🔐 A reminder for all token holders: Don't sign blindly, check your authorizations regularly, and be especially wary of authorization requests from unknown sources! In the on-chain world, you can custody your own assets, but you must also take responsibility for your own security. No matter how good the market looks, wallet security is the bottom line.$DOOD $IOST