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Ledger will reimburse the crypto wallets that have fallen victim to the hack.

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Ledger will reimburse the crypto wallets that have fallen victim to the hack.

  en.cryptonomist.ch 04 January 2024 11:24, UTC

Ledger will reimburse the crypto wallets that have fallen victim to the hack.

Ledger, the famous crypto-wallet hardware manufacturer, has declared that it will reimburse all the victims of last week’s hack attack, for a total value of approximately $600,000.

Not only that, after the refund, the company based in Paris will proceed to add modifications to the security of its devices.

Summary

  • Ledger and the reimbursement of almost $600,000 to the victims of the crypto-wallet hack
  • Ledger: reimbursement for victims of crypto-wallet hack and changes to device security
  • The crypto bull cycle has already begun: word from CTO Charles Guillemet

Ledger and the reimbursement of almost $600,000 to the victims of the crypto-wallet hack

According to what is reported, it seems that Ledger has declared to reimburse all the victims of the crypto-hack attack that occurred last week, for a total value of almost $600,000.

In practice, the Ledger Connect Kit software from the Paris-based startup had been compromised following a phishing attack by a former employee.

Specifically, the hacker would have published malicious code that redirected users’ funds to their own wallet during transactions with decentralized applications, or dapps, that used the software in question.

Not only that, the exploit has spread by targeting not only Ledger’s crypto hardware wallets, but also the software of other providers and other popular dapps such as Sushi Swap’s DEX and Revoke.cash.

The refund from Ledger will therefore be directed not only to its customers, but to all the victims who use its hacked software.

Ledger: reimbursement for victims of crypto-wallet hack and changes to device security

In addition to the refund, Ledger has also announced changes to ensure greater security of its devices.

And indeed, the exploit has prompted Ledger to review its policies regarding transaction signing, deciding to eliminate the practice of blind signing by June 2024.

Not only that, the Parisian startup is also actively promoting “Clear Signing” among dApps, so that users can verify all transaction details before confirming them. This initiative is aimed at improving security in the cryptocurrency ecosystem.

In this regard, here are the words of Ledger’s CEO, Pascal Gauthier, in his open letter:

“At Ledger, we believe that clear signature, as opposed to blind signature, helps mitigate these issues. If the user can see what they are signing on a reliable display, they can avoid inadvertently signing illicit transactions.”

Ledger devices are open platforms. Ethereum has a plugin system that allows DApps to implement clear signing, and DApps that want to implement this protection for their users can learn how to do it on developer.ledger.com.

In the same way we have seen the community come together today, we expect your help in bringing the signature in clear to all DApps.”

The crypto bull cycle has already begun: word from CTO Charles Guillemet

Almost a month ago, the CTO of Ledger, Charles Guillemet, stated that the new crypto bull cycle has already begun.

And indeed, in this 2024, the approval of Bitcoin spot ETFs and the Bitcoin halving in April are expected, as factors that could increase interest in crypto. Obviously, nothing is guaranteed, but the prospect of a bullish trend is shared by many.

In this regard, Guillemet added that this cycle will be accompanied by significant investments, also thanks to the future presence on traditional stock exchanges of ETFs on Bitcoin spot, even in the USA.

At the same time, the CTO of Ledger believes that there will also be infrastructural improvements that will make blockchains much more scalable, thanks to the evolution of the ecosystem that has created solutions compared to what happened in the past.

In practice, if the number of transactions on the blockchain were to increase, this time there will be no congestion problems and high costs for Guillemet. This is mainly thanks to Ethereum’s layer 2 solutions and the Cosmos and Solana blockchains.

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