Ledger Promises Full Compensation after $600K Crypto Wallet Breach; Plans to End Blind Signing
Summary:
Cryptocurrency wallet manufacturer Ledger has pledged to reimburse approximately $600,000 to users affected by the Ledger Connect Kit exploit. The compensation intends to cover losses from compromised or stolen assets due to blind signing on Ethereum's Virtual Machine decentralized applications. The company also plans to discontinue Blind Signing support on Ledger devices, promoting Clear Signing as a new standard for safer user transactions.
Cryptocurrency wallet manufacturer, Ledger, is set to reimburse all affected customers following the recent Ledger Connect Kit hack. On December 20, through X communication platform, the company revealed that approximately $600,000 in assets have been compromised or stolen from its users via blind signing on Ethereum’s Virtual Machine (EVM) decentralized applications (DApps).
Several DApps utilizing Ledger's connecting library, including Revoke.cash and SushiSwap, saw significant losses following a security breach on December 14, 2023. Ledger's recent declaration ensures that all victims experiencing losses due to this incident will be fully compensated.
The company said, "Our commitment is unquestionable. We will adopt every possible approach, including goodwill gestures, to confirm that the reimbursements are completed by February-end, 2024. Many of the victims are already in communication with us, and we are in the process of working out all the specifics with them."
Going forward, Ledger will continue its collaboration with the DApp ecosystem to allow Clear Signing whilst discontinuing support for Blind Signing on Ledger devices. The firm anticipates the discontinuation of Blind Sign functionality on Ledger devices by June 2024.
"Our devotion resides in collaborating with the community and DApp ecosystem to promote Clear Signing so customers can authenticate all transactions on their Ledger devices prior to signing. This leads to a new standard for user protection and encourages Clear Signing across all DApps", the announcement added.
This story continues to evolve, with more details to be shared as they become available.
Published At
12/20/2023 4:30:12 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.