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Ledger, cryptocurrency wallet-maker recently faced a <a href="https://news.todayq.com/ledger-ceo-pascal-gauthier-announces-12-staff-reduction/" target="_blank" rel="noreferrer noopener">security breach</a> resulting in the loss of around $600,000 in user assets. However, Ledger is one of the biggest names in crypto security. It earlier stated that the exploit originated from a phishing attack that targeted a former employee. Ledger addresses the situation 
As per the latest statement, Ledger showed its intent to prevent future incidents by ensuring the safety of the crypto community. It added the breach occurred when users of Ethereum Virtual Machine (EVM) decentralized applications (DApps) blindly signed transactions. This led to the unauthorized transfer of funds. 
It is important to note that Ledger has committed to compensating all affected users. This includes even those who don’t use Ledger wallets. CEO Pascal Gauthier promised a resolution for victims by February 2024. The company will utilize various methods including goodwill gestures. 
Ledger highlighted that it plans to discontinue Blind Signing with its devices by June 2024. However, they’re introducing Clear Signing, This will allow users to verify transactions before confirming them. This move aims to set a new standard for secure transactions across all DApps. Hack timeline 
On December 14, 2023, Ledger detected an exploit in the Ledger Connect Kit during a phishing attack on a former employee. The attacker injected malicious code into DApps using the Kit, deceiving EVM DApp users into signing transactions that emptied their wallets.&nbsp; 
The incident unfolded in the morning when the hacker compromised the NPMJS account of the ex-employee, publishing a harmful Ledger Connect Kit version on NPMJS by midday.&nbsp; 
Ledger became aware of the attack at 1:45 PM and deployed a fix within 40 minutes. Despite the malicious code’s five-hour presence, user asset draining was limited to less than two hours.&nbsp; 
Ledger coordinated with WalletConnect, disabling the rogue instance, and Tether froze the attacker’s USDT at 2:55 PM. 
It added that Ledger is actively reaching out to impacted users and urging caution regarding affected transactions. The crypto wallet company stated that they stress the importance of community support. They’re calling on DApp developers to back the Clear Signing security feature. 
In the post, the Bitcoin wallet making company addressed the security hiccup with transparency and a commitment to improved safety measures. Meanwhile, the crypto community eagerly awaits these changes while anticipating a more secure environment for their digital assets. 
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Ledger modifies security measures responding to security breach

Todayq News

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