After years of inactivity, The Blockchain Bandit has reappeared. He is a notorious hacker who exploits vulnerabilities in Ethereum wallets.
ZachXBT, an independent blockchain analyst, revealed that on December 30, a hacker transferred 51,000 Ethereum, valued at approximately $172 million into a single wallet.
These funds were transferred from ten previously inactive wallets, marking the hacker’s first significant activity in years.
The Blockchain Bandit
Blockchain Bandit gained fame by exploiting vulnerable private keys within the Ethereum blockchain. This method targeted wallets which had weak keys. These were often simply set up to sequences of letters and numbers. “1,” “2,”If you want to know more about a specific word, please click here. “3.”Hackers exploited the vulnerabilities in order to steal cryptocurrency from unaware users.
Security researcher Adrian Bednarek, during a routine examination in 2019, discovered this issue.
He identified hundreds of wallets using dangerously weak keys, revealing the hacker’s systematic method of scanning for such vulnerabilities. This method, also known as “Ethercombing,”Automated theft of wallets from compromised accounts is now possible.
In just two years the hacker has conducted almost 49,000 transactions. Between 2016 and 2018 their activity was at its peak, with 45,000 ETH being stolen in only eight months.
Following this spree, the hacker’s wallets remained untouched—until now.
Blockchain Bandit is back, and it’s a reminder of how difficult crypto-security can be.
Web3 researcher Pix pointed out that, despite advancements in wallet technologies, several crypto-users are vulnerable to the same attacks, due to poor key generators, bad wallet practices and human error. The researcher continued:
“The Bandit’s playbook isn’t outdated — it’s a warning.”
The return of the Blockchain Bandit also reveals a wider trend in crypto thefts. The crypto-losses this year totaled $2.3billion, which is 21% more than the losses of last year. Cybercriminals with ties to North Korea accounted for 1,34 billion dollars of the losses.
Ethereum, Crimes, Crypto and Featured Author 
Oluwapelumi Adejumo
Oluwapelumi believes in the potential of Bitcoin. He shares his insights and opinions on topics such as DeFi, Hacks, Mining, Culture, etc., highlighting the transformative power of Bitcoin.
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Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam Wright, Editor-in Chief at CryptoSlate is also the host of SlateCast. He is a firm believer that the decentralized technologies have the power to bring about positive changes.
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