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Ethereum hard fork web wallets steals user’s private keys, report

Ethereum hard fork web wallets steals user’s private keys, report

Three hard forks are lined up for Ethereum this January, the Classic vision, Ethereum Nowa and Constantinople hard fork. Constantinople is a major update that the community is gunning for. Even though there will be no visible change to the end users, the update will be a “maintenance and optimization upgrade”.

Reportedly, two of these forks are a scam and is trying to rob users cryptocurrency holdings. According to a report, Guarda, a crypto wallet company, said that Ethereum Classic vision and Ethereum Nowa are scams set up to lure the private keys of crypto token holders. The report states that the official web wallets provided by both these forks are scams. They try to capture the private keys of the users.

Ethnowallet or Ethereum Nowa wallet was described by Firefox as a deceptive site. MetaMask restricted access to Ethereum Classic vision indicating that the site was on their warning list.

Guarda investigated the imminent ETH forks. The coins that the users possess can be forked to the chains. Guarda found that both these forks are capturing private keys and sending the data back to their servers. Possession of private keys at all times is a necessity as it ensures that all your crypto tokens are under your control.

“When accessing the Ethereum Nowa website, the users can click on the “Wallet” button – this will redirect you to the page of Ethereum Nowa wallet creation/importing your old wallet. This is exactly where the trap lies,” Guarda cited in the report.

“Ethereum Classic vision looked more solid at the first glace, but the analysis on the code performed by our team has shown that the piece of code provided actually sends your private key data on the Ethereum Classic Vision servers, masking it as an API token,” said the report. 

The forks have created a commotion among the community. The migration to Proof of Stake is regarded as a risk. However, Buterin, the Ethereum creator, is ready to take that risk as he is focussing on building the network as an investment. He doesn’t care about the short term volatility the fork would create. This move can attract numerous long term investors to the Ethereum network.

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