Inactive Ethereum wallets attacked, over $800K drained – ETH remains steady

Crypto hacking incidents have become increasingly prevalent across all major chains. In fact, in April, crypto exploits surged to $635 million, the highest level since February 2025.  In a major blow to the market once again, attackers exploited addresses on the Ethereum mainnnet.  Ethereum dormant wallets exploited for $800K On the 30th of April, hundreds of wallets that had been inactive for over seven years were drained by the same address. Attackers drained about $800k from these dormant wallets by directly accessing the private keys. Most of these funds were swapped via THORChain to Bitcoin, while others were channeled across other chains.  On-chain investigator Specter observed that the attacker bridged 324.741 ETH worth $734k to the Bitcoin Network. Still, around $66k in assets remained in the EVM wallets. According to MastrXYZ, a wallet labeled by Etherscan as Fake_Phishing2831105 received these funds from multiple addresses. The wallet then moved them through swaps and cross-chain infrastructure.  MastrXYZ pointed to old leaks from weak software or breaches such as the 2022 LastPass incident. Unlike recent DeFi exploits, no new approvals, contracts, or signatures were involved.  Old crypto wallets are a major vulnerability While the broader crypto market is increasingly prone to attacks, old wallets are at higher risk. These wallets largely lack modern security features and standards, leaving them on a par with attackers' evolving capabilities.  In fact, many crypto users used random weak generators to create wallets, which mostly produced low-entropy keys.  With advances in blockchain technology, hackers have kept pace, using advanced tools to exploit vulnerabilities. Thus, old, dormant crypto wallets are left vulnerable to attacks because inactivity has weakened them.  ETH remains stable despite the incident When KelpDAO was exploited, it triggered a chain of losses across the LayerZero and Aave protocols. The DeFi total value plummeted significantly, to $83 billion, as AMBCrypto reported.  However, despite the attack on Ethereum's old wallets, the market remained calm primarily because the Ethereum chain was not attacked.  The network consensus mechanism remained secure, with the infrastructure remaining untouched. As a result, Ethereum [ETH] prices barely moved.  On the contrary, ETH slightly gained, rising to $2285, although the altcoin continued to hover between $2.2k and $2.3k. The market's stability, despite the security incident, is fostering greater market understanding among all participants.  Final Summary Hundreds of inactive wallets were drained of about $800k after attackers gained access to their private keys.  ETH remained steady, barely moving despite the incident, and continued to trade between $2.2k and $2.3k.