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Microsoft Flags Trojan Malware Targeting MetaMask, Phantom and Coinbase Wallets

Microsoft Flags Trojan Malware Targeting MetaMask, Phantom and Coinbase Wallets

  • 18.03.2025 21:40
  • decrypt.co
  • Keywords: StilachiRAT, MetaMask, Coinbase Wallet, Phantom

Microsoft identified a new malware called StilachiRAT targeting popular crypto wallets like MetaMask and Phantom. The malware steals sensitive information such as cryptocurrency keys and passwords by monitoring clipboard content and evades detection using anti-forensic techniques, posing a serious threat to users despite its limited distribution so far.

Microsoft ReportsCoinbase ReportsMSFTsentiment_dissatisfied

Estimated market influence

Microsoft

Microsoft

Negativesentiment_dissatisfied
Analyst rating: Strong buy

Identified the malware threat and informed the public.

MetaMask

Negativesentiment_dissatisfied
Analyst rating: N/A

Targeted by StilachiRAT malware.

Coinbase Wallet

Negativesentiment_dissatisfied
Analyst rating: N/A

Targeted by StilachiRAT malware.

Phantom

Negativesentiment_dissatisfied
Analyst rating: N/A

Targeted by StilachiRAT malware.

Context

Microsoft Flags Trojan Malware Targeting MetaMask, Phantom, and Coinbase Wallets

Key Findings

  • Malware Type: StilachiRAT remote access trojan (RAT) discovered in November 2024.

  • Targeted Wallets: Affects over 20 popular crypto wallets including:

    • MetaMask
    • Coinbase Wallet
    • Phantom
    • Keplr
    • Bitget Wallet
    • Trust Wallet
    • TronLink
    • TokenPocket
    • BNB Chain Wallet
    • OKX Wallet
    • Sui Wallet
    • Braavos - Starknet Wallet
    • Leap Cosmos Wallet
    • Manta Wallet
    • Kepler
    • Compass Wallet for Sei
    • Math Wallet
    • Fractal Wallet
    • Station Wallet
    • ConfluxPortal
    • Plug

  • Functionality:

    • Scans Google Chrome browser for crypto wallet extensions.
    • Extracts and decrypts saved credentials (usernames, passwords).
    • Monitors clipboard content for sensitive information like crypto keys.

  • Anti-Forensic Capabilities:

    • Clears event logs to evade detection.
    • Uses rapid changes in malware ecosystem to avoid identification.

Business Insights

  • Threat Landscape: The malware poses a significant risk to users of popular crypto wallets, potentially leading to unauthorized access and financial loss.
  • Trust Issues: Incidents like this could erode user trust in crypto wallet providers, impacting their market share and reputation.

Market Implications

  • Increased Focus on Cybersecurity: Companies in the Web3 space will likely prioritize enhancing security measures to protect against such threats.
  • Potential Financial Losses: Users may face financial losses due to stolen funds, leading to potential legal and reputational damage for wallet providers.
  • Investor Sentiment: Such incidents could lead to increased caution among institutional investors surveyed by Coinbase and EY-Parthenon.

Competitive Dynamics

  • Security as a Differentiator: Wallet providers that invest in robust security measures may gain a competitive edge over others.
  • Rapid Evolution of Threats: The ability of malware developers to adapt quickly underscores the need for continuous innovation in cybersecurity practices.

Strategic Considerations

  • Proactive Measures: Crypto wallet companies should implement proactive threat detection and response strategies, including regular updates and user education.
  • Collaboration: Partnerships with security firms like Microsoft could help in early identification and mitigation of such threats.

Long-Term Effects

  • Regulatory Scrutiny: Governments and regulatory bodies may introduce stricter guidelines for crypto wallet security to protect consumers.
  • Erosion of Consumer Confidence: Repeated incidents could lead to a long-term decline in the adoption of decentralized finance (DeFi) platforms.

Regulatory Impact

  • Potential Future Regulations: Authorities might enforce mandatory security standards for crypto wallet providers, increasing compliance costs and operational complexity.