Supply Chain Attack Compromises Ledger Wallet
If you are a cryptocurrency user, you should be aware of a recent supply chain attack on leading cryptocurrency wallet provider Ledger, which resulted in a loss of hundreds of thousands of dollars in crypto assets. This breach has affected various decentralized protocols and users, making it a significant concern in the crypto world.
Hackers Stole Nearly $484K From Ledger
The hackers managed to steal $484,000 by embedding harmful code into the Github library of Connect Kit, a prominent blockchain software managed by crypto wallet company Ledger. This attack has impacted numerous key decentralized finance (DeFi) protocols that rely on the library. Users are advised to avoid using decentralized apps (dApps) until these systems receive updates.
The breach affected the interfaces of several decentralized applications (DApps) using Ledger’s connector, such as Zapper, SushiSwap, Phantom, Balancer, and Revoke.cash. Despite Ledger’s response, the hacker had already stolen over $484K in cryptocurrency, affecting various digital assets. MetaMask has implemented a safety update, but users are still at risk.
Users Are Still At Risk
Despite Ledger’s efforts to update its own code, many websites are still vulnerable, leaving users at risk. Heightened security measures may be necessary to fully eliminate the risk, especially for protocols like revoke.cash, which remain exposed. This year has seen a high frequency of DeFi-related hacks, with a substantial sum stolen in July alone due to exploits targeting Curve Finance and Multichain.
As a result of this recent attack, users of revoke.cash may encounter prompts to link their wallets to a malicious token drainer, potentially exposing all assets within the user’s wallet. It’s a concerning situation that highlights the ongoing security issues within the cryptocurrency space.
Hot Take
The recent supply chain attack targeting Ledger’s front-end services, resulting in the theft of nearly $484K in cryptocurrency, highlights the continued vulnerability of decentralized protocols and the need for heightened security measures in the crypto space. It serves as a reminder for users to remain vigilant and cautious when interacting with decentralized apps and to stay informed about potential security threats in the rapidly evolving world of cryptocurrency.
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