500K Is Stolen Through Hacked Vanity Addresses in Arbitrum Airdrop

$500K Is Stolen Through Hacked Vanity Addresses in Arbitrum Airdrop

Defi news, News

Reportedly, some opportunists stole $500K worth of tokens from an ongoing Arbitrum airdrop through hacked vanity addresses.

Vanity addresses generally refer to a customized crypto address compiled with specific words or phrases. It provides a unique identity to users, but it comes to security, there’s the big question. 

 

As per the incident, someone has mimicked eligible addresses for $ARB tokens and created new compiled addresses through vanity address generators. Doing so made them eligible for $ARB tokens, leaving original addresses empty. 

However, such attacks are the most brutal form of crypto attack as they require thorough software knowledge to compromise someone’s private key.

The most awaited Arbitrum airdrop is continuously hearing bad news after being commended on March 23. Firstly, its price fell from a high of $8.67 to $1.4 in the first 30 minutes after the claims began. The Arbitrum homepage failed to handle the rush of users for $ARB tokens, which resulted in a crash.

Compiled by Coinbold

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