NFTs
$5 Million Loopring Exploit, Increase in Weekly Bitcoin NFT Sales, and More – TradingView News
Loopring Suffers $5 Million Hack Through Compromised 2FA
Ethereum’s zero-knowledge accumulation protocol Loopring said on Sunday that it suffered a $5 million security breach in its “Guardian” two-factor authentication service for its smart wallets app.
In a June 9 X post, Loopring said the attacker compromised the project’s 2FA service, which allowed them to initiate a recovery process that reset wallet ownership and allowed asset withdrawals.
He shared two wallet addresses that he claimed were involved in the exploit. Etherscan data shows that one wallet contains more than $5 million worth of cryptocurrencies.
Cointelegraph
Loopring’s Guardian service allows users to choose wallets they trust to help restore seed phrases or block hacked wallets.
The project claims that the exploiter somehow compromised the “Official Guardian” of Loopring and began the wallet recovery process using only that guardian.
“We are actively collaborating with security experts at Mist to determine how our 2FA service was compromised,” said Loopring. It is also working with law enforcement authorities “to track down the perpetrator.”
It temporarily suspended operations related to Guardian and 2FA, which it said disrupted engagement.
Bitcoin Brings Weekly Surge in NFT Sales Volumes
Non-fungible token (NFT) sales volumes saw a weekly increase of 18.9%, driven by sales of NFT-type Bitcoin Ordinals.
Seven-day NFT sales volumes reached $147.3 million, with Bitcoin-based NFT sales increasing over 57% to nearly $49.7 million, CryptoSlam! data show.
Ethereum NFTs had the second highest sales volume, almost $35.6 million, but were up slightly by 2.35% for the week.
Polygon, Immutable, and Blast were among the top ten blockchains by weekly sales volume, which saw double-digit percentage growth.
Blast saw an increase of over 95% to over $4.6 million in volume, largely due to crypto influencer NFT trading card game fantasy.top – which doubled its volumes over previous week, to US$3.85 million.
Other big movers were Polygon’s Milady-like Moon Girl NFTs, which rose 643% to nearly $5.8 million, and game Immutable’s Guild of Guardians, which rose 22% to $7 million.
The biggest seller of the week was a new BRC-20 token with the ticker PIZZA, which recorded $19.3 million in sales.
Ethereum L2s “shouldn’t be immutable” – Uniswap founder
Ethereum layer 2 blockchains should not focus on immutability – their ability to retain an unchanged and unalterable ledger of transactions – until the Ethereum blockchain is ready, says Uniswap founder Hayden Adams.
“Ethereum L2s should not be immutable. It’s been 10 years and L1 is not ready to be immutable,” Adams wrote in a June 9 X post.
He added that it “makes no sense” to expect Layer 2 networks to “never upgrade again or force mass migrations.”
“The interconnected nature of users and applications in the L2 chain breaks composability if some migrate and others do not,” Adams wrote.