The Loopring protocol suffered from a hacker attack. It is known that the attacker compromised the project’s two-factor authentication (2FA) service.
🚨Incident Alert: Loopring Smart Wallets Compromised🚨
A few hours ago, some Loopring Smart Wallets were targeted in a security breach. The attack exploited wallets with only one Guardian, specifically the Loopring Official Guardian. The hacker initiated a Recovery process,… pic.twitter.com/Y9mYC4j9QJ
— Loopring💙 (@loopringorg) June 9, 2024
IN The Block explained that with the Guardian service, users can specify the wallets of trusted individuals or organizations that will help with security operations. The statement notes that the hacker managed to bypass the Loopring Official Guardian and launch the recovery of wallets with a single Guardian without user permission
Loopring also emphasized that they are collaborating with experts from SlowMist to find out the details of the hack.
Additionally, the team added that user safety and security remain top priorities. In this regard, applications for compensation have been opened for affected users.
Loopring also published the attacker’s wallets. At the time of writing, they hold more than $5 million, according to DeBank.
Note that against the backdrop of this news, the price of the Loopring token (LRC) fell by almost 5% over the last 24 hours, according to CoinGecko.
Source: Cryptocurrency
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