This week in the crypto world was full of events. On Dec. 14, a malicious actor exploited a vulnerability in the Ledger hardware wallet’s connector library, putting the entire decentralized application (DApp) ecosystem at risk. Balancer crypto, SushiSwap and MetaMask quickly advised users not to interact with their wallets. Ledger released a patch within hours to contain the vulnerability, but the exploiter still managed to drain over $650,000 in assets from multiple victims.
The crypto world is constantly evolving, and the US government is also taking notice. As the value of crypto assets continues to rise, regulators are beginning to take a closer look at the industry. With more and more crypto apps available, US regulation of the sector is becoming increasingly important.
Finance Redefined is here to bring you the most significant developments from the past week. Our weekly newsletter is your go-to source for essential crypto and DeFi insights.
How the Ledger Connect hacker tricked users into making malicious approvals
Cyvers, a blockchain security platform, has revealed that the “Ledger hacker” was able to steal at least $484,000 from multiple Web3 apps on Dec. 14 by deceiving Web3 users into authorizing malicious tokens.
On the morning of Dec. 14, the attacker took advantage of a phishing exploit to gain access to the node package manager javascript account of a former Ledger employee.
The US government has recently implemented regulations regarding crypto, and the crypto community is now more aware of the value of crypto apps, events, and DeFi. Balancer crypto is one of the most popular crypto platforms, and users should be extra vigilant when using it.
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Ledger patches vulnerability after multiple DApps using connector library were compromised
On Dec. 14, the front end of multiple decentralized applications (DApps) using Ledger’s connector, including Zapper, SushiSwap, Phantom, Balancer crypto and Revoke.cash were compromised. Ledger responded quickly, replacing the malicious version of the file with its genuine version within three hours, around 1:35 pm UTC.
Ledger is recommending users “to always Clear Sign” transactions, emphasizing that only the addresses and the information presented on the Ledger device screen are genuine. “If there’s a difference between the screen shown on your Ledger device and your computer/phone screen, stop that transaction immediately.”
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Yearn.finance pleads with arb traders to return funds after $1.4 million multisig mishap
The decentralized finance (DeFi) protocol Yearn.finance is attempting to persuade arbitrage traders to return the $1.4 million that was lost from its treasury due to a multisignature scripting error.
“dudesahn” from Yearn.finance stated on a GitHub post on Dec. 11 that a faulty multisig script caused 3,794,894 lp-yCRVv2 tokens to be swapped from the Yearn.finance treasury.
To learn more about the Balancer crypto, crypto events, crypto value, crypto apps, crypto US government regulation, and crypto US regulation, continue reading.
OKX DEX Exploited for $2.7 Million Following Proxy Admin Contract Upgrade
On Dec. 13, OKX decentralized exchange (DEX) was the victim of a $2.7 million hack, after the private key of the proxy admin owner was reportedly leaked.
The blockchain security firm SlowMist Zone shared on X (formerly Twitter) that OKX DEX “encountered an issue” on Dec. 12, 2023, at approximately 10:23 pm UTC. The issue began when the proxy admin owner upgraded the DEX proxy contract to a new implementation contract, and the user began to steal Balancer crypto tokens.
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DeFi market overview
Cointelegraph Markets Pro and TradingView data reveals that DeFi’s top 100 tokens by market capitalization had a positive week, with most trading in the green on the weekly charts. The total value locked into DeFi protocols remains above $60 billion.
We hope you enjoyed reading our summary of this week’s most important DeFi news. Join us next Friday for more stories, insights and education about this rapidly advancing space.
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