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Loopring, a zk-rollup based protocol on Ethereum, suffered a significant security breach resulting in a loss of $5 million. The hack, which occurred on June 9, 2024, exploited a vulnerability in Loopring's 'most secure' smart wallets. The breach involved the compromise of Loopring's 'Guardian' two-factor authentication (2FA) service and a recovery process exploit, allowing attackers to access and drain funds. Loopring has reported the incident and is working with security experts, centralized exchanges, and law enforcement to recover the lost funds. The event has caused Loopring's token, LRC, to fall to a four-month low.
ICYMI: LRC falls to 4-month low as Loopring’s ‘most secured wallets’ hit with $5 million breach Read the full article 👇 https://t.co/NCD1JCfti0 https://t.co/9X1aNVt0PM
🚨 SlowMist Weekly Security Report (June 3 - June 9, 2024) 🚨 Total Losses: Over $8.8M😱 Incident Highlights: 1. Loopring: $5M lost due to a security vulnerability that compromised the Loopring Smart Wallets. ⚠️ 2. Gemholic: $3.4M lost in a rug pull, where the project…
If you've experienced asset loss during the Loopring Smart Wallet compromise event - please contact us at foundation at loopring dot org We are actively collaborating with security experts, centralized exchanges (CEX), and law enforcement to recover the lost funds. Any progress… https://t.co/Wz8dfA9sjQ
