A hacker sent Ethereum to 2400 private key compromised addresses in an attempt to preempt the ARB airdrop

On March 21st, according to a tweet from encryption data company Arkham, the hacker’s address marked by Nansen as an Arbitrum Airdrop Exploitor has sent Ethereum as a gas fee to about 2400 private key compromised addresses in the past 12 hours, and has authorized an ARB contract in advance to prepare for an ARB air drop.

Interpretation of this information:

On March 21st, an encryption data company, Arkham, provided information on a tweet regarding a hacker’s address that was identified by Nansen as an Arbitrum Airdrop Exploitor. According to the tweet, the hacker had sent Ethereum to around 2400 private addresses within the past 12 hours as a gas fee. Additionally, the hacker had authorized an ARB contract as a preparation for an ARB airdrop.

The message shared by Arkham implies that the hacker had gained access to a significant number of private keys and used them to send Ethereum as a gas fee. In the crypto space, a gas fee is a small amount of cryptocurrency required for the transaction to be confirmed on the blockchain network. It is possible that the hacker used compromised private keys to send Ethereum on behalf of the owners of the private keys, without their knowledge, as the tweet suggests it was a gas fee. This would be a clear violation of the owners’ privacy and security of their crypto assets.

Furthermore, the ARC contract reveal that the hacker planned to exploit the upcoming ARB airdrop. An airdrop refers to an event where a project distributes its tokens to cryptocurrency wallet holders as a means of promotion. This could potentially mean that the hacker had access to information about the ARB airdrop and had planned to take advantage of it. This could result in the hacker acquiring significant amounts of ARB tokens without even purchasing them.

These are clear indications of how dangerous it is for cryptocurrency to be stored on exchanges or hot wallets that can be accessed online. The message emphasizes the importance of storing cryptocurrencies in cold storage or hardware wallets that can only be accessed offline. This adds an extra layer of security, making it harder for hackers to gain access to private keys and the user’s holdings. In conclusion, the crypto industry needs to move towards more secure storage options that can protect users’ private keys; otherwise, the risk of loss to hackers will continue to be a recurring problem.