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Ledger’s Response To The Latest Hack Includes Reimbursing All Affected Users In The Ledger Connect Kit Exploit

Jakub Motyka By Jakub Motyka Dec 20, 2023 #Hackers #Ledger
Ledger's answer to the latest hack

✍️ 20 December, 2023 – 15:19 👤 Editor: Jakub Motyka

  • After a phishing attack compromised its software, leading to a loss of about $600,000 in user assets, Ledger commits to reimbursing all victims of the hack.
  • Ledger plans to update its wallet technology to prevent blind signing by June 2024, as part of its ongoing efforts to bolster security following the hack and amidst its significant market valuation growth.
  • The latest news about cryptos on our Telegram channel.

Ledger has announced its decision to reimburse approximately $600,000 worth of assets lost by victims of the latest high-profile hack. The Ledger Connect Kit exploit was a significant security breach that affected Ledger, a well-known manufacturer of cryptocurrency hardware wallets.

In response to this security breach, fixed hours after the breaking news, Ledger has taken a robust stance, pledging to make all affected users whole, including those who are not direct customers of Ledger.

What Happened With The Ledger’s Hack, And What Will They Do About It

Ledger, the Paris-based crypto startup, suffered a security breach in its Ledger Connect Kit software due to a phishing attack targeting a former employee. This attack led to the introduction of malicious code that redirected users’ funds to the hacker’s wallet during transactions.

The exploit had a significant impact, affecting not only Ledger’s hardware and software wallets but also other providers and popular decentralized applications (dapps), such as the decentralized exchange Sushi.

The firm is aware of roughly $600,000 in assets impacted or stolen from users through blind signing. Ledger will ensure that affected victims will be made whole and repaid.

Looking ahead, Ledger is set to update its hardware wallets. By June 2024, the company plans to eliminate the option for blind signing of transactions. Blind signing, where users authorize transactions without seeing full details, has been identified as a vulnerability. To enhance transaction security, Ledger is working towards clear signing, allowing users to view and verify transaction details on their Ledger devices before approving them.

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Jakub Motyka is an editor and cryptocurrency expert with an outstanding professional profile in the field of digital finance and blockchain technology. His career includes extensive experience writing and editing content related to the world of cryptocurrencies, covering a wide range of topics from technical and market analysis to technological developments and emerging trends in the industry.
Jakub Motyka
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Jakub Motyka

By Jakub Motyka

Jakub Motyka is an editor and cryptocurrency expert with an outstanding professional profile in the field of digital finance and blockchain technology. His career includes extensive experience writing and editing content related to the world of cryptocurrencies, covering a wide range of topics from technical and market analysis to technological developments and emerging trends in the industry.

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