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Ledger vulnerability put entire DApp ecosystem at risk: Finance Redefined

Press Releases Crypto News Cointelegraph Ledger vulnerability put entire DApp ecosystem at risk: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

The past week in DeFi saw an unprecedented chain of events unfold on Dec. 14 when a malicious actor exploited a vulnerability in the Ledger hardware wallet’s connector library. The exploit put the entire decentralized application (DApp) ecosystem at risk. On-chain analysts and DApps like SushiSwap and MetaMask advised users not to interact with their wallets at all.

Ledger released a patch within hours to contain the vulnerability, but the exploiter drained over $650,000 in assets from multiple victims. However, considering the number of wallets and DApps at risk, the drained amount was considerably lower than it could have been.

How the Ledger Connect hacker tricked users into making malicious approvals

The “Ledger hacker,” who siphoned at least $484,000 from multiple Web3 apps on Dec. 14, did so by tricking Web3 users into making malicious token approvals, according to the team behind blockchain security platform Cyvers.

According to public statements made by multiple parties involved, the hack occurred on the morning of Dec. 14. The attacker used a phishing exploit to compromise the computer of a former Ledger employee, gaining access to the employee’s node package manager javascript account.

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Ledger patches vulnerability after multiple DApps using connector library were compromised

The front end of multiple decentralized applications (DApps) using Ledger’s connector, including Zapper, SushiSwap, Phantom, Balancer and Revoke.cash were compromised on Dec. 14. Nearly three hours after the security breach was discovered, Ledger reported that the malicious version of the file had been Go to Source to See Full Article
Author: Prashant Jha

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