Loopring Security Vulnerability: $5.00M Reported Loss
Ethereum Layer 2 protocol Loopring posted on Twitter that the some Loopring Smart Wallets were targeted in a security breach.
- Reported loss
- $ 5,000,000
- Attack category
- Security Vulnerability
Incident Overview
The attack exploited wallets with only one Guardian, specifically the Loopring Official Guardian. The hacker initiated a Recovery process, falsely posing as the wallet owner to reset ownership and withdraw assets. The attack succeeded by compromising Loopring's 2FA service, allowing the hacker to impersonate the wallet owner and gain approval for the Recovery from the Official Guardian. Subsequently, the attacker transferred assets out of the affected wallets.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.