April 19, 2024
Ordswap Struggles to Regain Control: Users Offered Tool to Recover Private Keys
Latest Cryptocurrency News

Ordswap Struggles to Regain Control: Users Offered Tool to Recover Private Keys

As it struggles to reclaim control of its website domain, Ordswap, a marketplace that enables users to inscribe, sell, and exchange Bitcoin Ordinals, has come up with a way for customers to recover their private keys.

The Ordswap X account released a website tool on October 10 in a tweet, claiming that it could assist users who entered the site via MetaMask in recovering their Ordswap private keys so they could switch service providers.

Ordswap issued an urgent alert to users not to connect to its domain hours earlier on October 9 because it was not in control of it. It blamed website development and hosting company Netlify for the problem.

On the project’s Discord server, members and a member of the Ordswap team stated that the website formerly had a button asking visitors to connect their cryptocurrency wallets in what appeared to be a phishing effort.

One X user said the button was a wallet drainer, a tactic used by cryptocurrency fraudsters more and more frequently. As of the time of writing, RelayX, a rival marketplace, was automatically routed off Ordswap’s website.

On Discord, a member of the Ordswap team said that although the hack had not affected user assets or private keys, users may still become vulnerable if they engage with the site.

A seemingly identical hack affected the website of the Ethereum-based automated market maker Balancer in late September, and thieves made off with about $240,000 worth of money.

Later, Balancer stated that it thought the exploiters had used social engineering to target EuroDNS, its DNS service provider. This allowed the attackers to enter a prompt to persuade consumers to approve a fraudulent contract that steals their money.

Image: Freepik

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