Cardano (ADA) Being Stolen From Nami Wallet, Users Report – Crypto News – Crypto News
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Cardano (ADA) Being Stolen From Nami Wallet, Users Report Cardano (ADA) Being Stolen From Nami Wallet, Users Report

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Cardano (ADA) Being Stolen From Nami Wallet, Users Report – Crypto News

Published

2 years ago

on

Arman Shirinyan

Unfortunately, victims are unlikely to return any funds stolen by hackers or scammers.

An increasing number of crypto investors are reporting unauthorized transactions and losses of Cardano (ADA) from their Nami wallets. These alleged breaches have resulted in their ADA assets being transferred to various Binance deposit addresses and temporary wallets, seemingly without their consent.

The Nami wallet, a popular choice among Cardano Users due to its user-friendly interface and functional capabilities, have been at the center of these incidents. However, it is important to note that these security breaches are more likely the result of weak passwords and compromised devices rather than a flaw within the Nami wallet itself, as suggested by security experts.

cardano chart
Source: TradingView

Investigations into these incidents have failed to identify any common link between victims based on the decentralized applications (DApps) associated with their compromised wallets. This further indicates that the problem does not lie with a specific dApp or the Nami wallet but rather with the security measures taken by the users themselves.

An interesting revelation came from Forbes, indicating that the breaches might be a consequence of a potential “zero-day” exploit in the browser Google Chrome. A zero-day exploit refers to a software vulnerability that is unknown to those who should be interested in mitigating the vulnerability, including the vendor of the target software. If this is the case, the exploit could pose a serious threat to every browser-based cryptocurrency Light wallet, far beyond just the Nami wallet.

Users of crypto wallets, especially browser-based ones, should be alert and take additional security measures to protect their assets. Using robust passwords, enabling two-factor authentication (2FA) and regularly updating software can significantly reduce the risk of such breaches.

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