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Thousands of crypto wallets across six blockchains at risk from Ill Bloom vulnerability
Researchers have identified a vulnerability that could affect thousands of cryptocurrency wallets across multiple blockchains. According to their findings, attackers have already stolen more than $5 million since late May by exploiting weaknesses in the way some wallets generate seed phrases.
According to a report by Coinspect, the Ill Bloom vulnerability impacts wallets on the Bitcoin, Ethereum, Polygon, Rootstock, Tron, and Solana networks.
The issue stems from insufficient entropy during seed phrase generation in certain software wallets. Because some applications rely on an insecure pseudo-random number generator, attackers can brute-force private keys and gain access to users' funds.
Coinspect said the vulnerability primarily alters lesser-known mobile crypto wallets developed since 2018. Based on the firm's analysis, hardware wallets and most modern software wallets are not affected.
More than $5 million stolen
Coinspect said it is withholding technical details of the exploit to avoid making attacks easier to replicate. Instead, the company has released a tool that allows users to check whether their wallet address may be at risk.According to the researchers, attackers compromised 431 of 2,114 known vulnerable wallets on May 27, stealing about $3.1 million. Another $2 million was drained from additional compromised addresses on Sunday.
Blockchain security firm SlowMist said it is closely monitoring the situation and assessing the potential impact of the newly disclosed vulnerability.
Similar issues have emerged before
The researchers noted that comparable flaws have previously exposed cryptocurrency wallet users to security risks.In 2023, Ledger researchers identified a vulnerability in the Trust Wallet browser extension that could theoretically have allowed attackers to brute-force seed phrases. The issue was patched before any user funds were reported stolen.
Meanwhile, Sovright recently introduced Argos, a recovery tool that enables former ZEC Wallet Lite users to regain access to assets that became inaccessible after support for the wallet ended in 2022.
Earlier, Ledger launched its new Ledger Wallet application, combining crypto buying, selling, swapping, and staking into a single platform. The company said it aims to make the app a full-fledged alternative to traditional software wallets.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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