$5.7 Million in Crypto Stolen Due to Predictable Wallet Seed Phrases

A security firm has discovered that predictable crypto wallet seed phrases led to at least $5.69 million in theft.

CryptoSlate reported on August 27 that blockchain security firm Coinspect identified a weakness in the CryptoJS library's random number generator, making recovery phrases for at least five wallet apps predictable.

The hackers exploited this vulnerability multiple times, with two notable attacks taking place on May 27 and between May 30 and July 13. The losses from these incidents amount to $3.14 million and $2.55 million respectively.

A third attack occurred on July 20 and July 21, resulting in an additional $40,000 in losses.