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

Tue, 06/20/2023 - 08:48
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Arman Shirinyan
Unfortunately, victims are unlikely to return any funds stolen by hackers or scammers
Cardano (ADA) Being Stolen From Nami Wallet, Users Report
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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, has 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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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.