Cybercriminal Drains $500k in Ledger Hack Amid Crypto Policy Changes & Coinbase's Global Expansion
Summary:
A cybercriminal has stolen approximately $500,000 by hacking Ledger. Several decentralized applications (DApps), including SushiSwap and Revoke.cash, which employ Ledger's connector library were impacted. In response, Ledger released an updated version of its Connect Kit and confirmed the deactivation of the malicious code. Meanwhile, recent US accounting policy changes might lead to more firms, including Bitcoin on their balance sheets. On another note, Coinbase has introduced spot trading for its non-US customers.
A cybercriminal responsible for an attack on Ledger has pilfered approximately $500,000. Several decentralized applications that use Ledger's connector library have been affected including SushiSwap and Revoke.cash. In US financial news, a major revision in accounting policies might encourage more firms to include Bitcoin (BTC) on their balance sheets.
The con artist involved in the Ledger assault managed to steal an estimated $484,000 worth of assets according to Lookonchain, a blockchain analysis platform. As of the time when the news was reported, the exact amount defrauded remains unclear but independent sources suggest figures upwards of $500,000.
An update has been released for the Ledger Connect Kit after the attack. Users have been recommended to avoid usage for 24 hours. Concurrently, a confirmation has been given that the malicious code responsible for the hacking has been disabled, rendering the Ledger Connect Kit safe for use again.
Several decentralized applications (DApps) including Zapper, SushiSwap, Balancer, and Revoke.cash, which rely on Ledger's connector library, were impacted on December 14. SushiSwap's chief technical officer, Mathew Lilley, revealed that a widely used Web3 connector had been affected, letting harmful code infiltrate several DApps.
Users have been cautioned to shy away from any DApps that employ the Ledger connector. It has been revealed that this attack is large-scale and not just a lone incident. Despite Ledger rectifying the bad code in its library, other projects that utilize and deploy the library will need to update it before it's safe to employ DApps using Ledger's Web3 libraries again.
In other financial developments, a significant change in US accounting rules might spur an increase in the number of companies including Bitcoin on their balance sheets. A new rule by the Financial Accounting Standards Board (FASB) allows businesses to represent their crypto assets' values more correctly.
Also, Coinbase has introduced spot trading for its international users. Starting from December 14, institutional clients on Coinbase International Exchange based outside the US will be allowed to trade Bitcoin and Ether (ETH) against USD Coin (USDC). The services will soon be extended to retail investors along with additional tokens and features that refine trading strategies and enhance capital efficiency. As with any investment or trading decision, potential investors are reminded to perform due diligence and assess the associated risks.
Published At
12/14/2023 10:12:58 PM
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