The decentralized finance community is on high alert as a coordinated EVM wallet drain exploit successfully siphoned more than $107,000 from unsuspecting users across multiple blockchains. Security experts and on-chain investigators first detected the anomaly early in the day, noting that the attacker is targeting small balances across a vast number of individual addresses. This sophisticated campaign appears to be active across major networks, including Ethereum, BNB Chain, and Polygon, as of January 2, 2026.
How the EVM Wallet Drain Exploit Targets Users
The mechanics of the EVM wallet drain exploit involve an automated system that identifies wallets with active token approvals. Instead of targeting “whales” for large sums, the malicious actor is extracting smaller amounts, typically under $2,000 per victim, to avoid immediate detection by major exchange monitors.
Security researchers have tracked the stolen funds to a single consolidation address, where the hacker is systematically bridging the assets into different formats. Because the root cause remains unconfirmed, developers are urging the community to audit their current permissions and revoke any suspicious or outdated smart contract approvals immediately.
Recent data indicates that over 600 unique addresses have already fallen victim to this automated draining script. While $107,000 may seem low compared to historical DeFi hacks, the sheer volume of affected users suggests a wide-reaching vulnerability.
On-chain analyst ZachXBT, who initially flagged the incident, noted that the attack is “live and ongoing,” with new wallets being hit every few minutes. “The attacker is moving fast across multiple chains, suggesting they found a common vulnerability in a widely used dApp or wallet extension,” one security firm reported during their preliminary analysis.
Protecting Your Assets from Ongoing Cross-Chain Drains
The rapid nature of the EVM wallet drain exploit underscores the need for constant vigilance in the cryptocurrency space. Users should utilize tools like Revoke.cash to clear any high-risk permissions that could grant a malicious contract access to their funds.
According to CryptoPotato News, the exact entry point—whether it be a supply chain compromise or a library vulnerability—is still under investigation by global cybersecurity teams.
Experts recommend moving substantial holdings to hardware wallets that require physical confirmation for every transaction. Using “burner” wallets for daily interactions with decentralized exchanges can also limit potential exposure. By isolating assets, investors can protect themselves even if a specific platform falls victim to an unknown exploit.
