Nfts
$5M Loopring Exploit, Increase in Weekly Bitcoin NFT Sales and More — TradingView News
Loopring suffers $5 million hack via compromised 2FA
Ethereum’s zero-knowledge accumulation protocol Loopring said Sunday it suffered a $5 million security breach in its “Guardian” two-factor authentication service for its smart wallets app.
In a June 9 X article, Loopring said the attacker compromised the project’s 2FA service, allowing it to initiate a recovery process that reset wallet ownership and allowed withdrawal of assets.
He shared two wallet addresses that he believed were involved in the exploit. Data from Etherscan 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 lock hacked wallets.
The project states that the exploiter somehow compromised Loopring’s “official guardian” and initiated the wallet recovery process using only that guardian.
“We are actively working with Mist security experts to determine how our 2FA service was compromised,” Loopring said. He is also working with law enforcement “to find the attacker.”
It temporarily suspended operations related to Guardian and 2FA, which it said brought an end to the compromise.
Bitcoin Drives Weekly Increase in NFT Sales Volumes
Non-fungible token (NFT) sales volumes saw a weekly increase of 18.9%, driven by sales of NFT-like 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! the data shows.
Ethereum NFTs recorded the second largest sales volume with almost $35.6 million, but saw a slight increase of 2.35% over the week.
Polygon, Immutable, and Blast were among the top ten blockchains in terms of weekly sales volume that saw double-digit percentage growth.
Blast saw an increase of over 95% to over $4.6 million in volume, largely driven by crypto influencer NFT trading card game fantasy.top – which doubled its volumes compared to the previous week to reach $3.85 million.
Other big movers were Polygon’s Moon Girl NFTs, reminiscent of Milady, which soared 643% to nearly $5.8 million and Immutable’s Guild of Guardians game rose 22% to $7 million.
The biggest seller of the week was a new BRC-20 token with the ticker PIZZA which generated $19.3 million in sales.
Ethereum L2s “shouldn’t be immutable” – Uniswap founder
Ethereum’s scaling Layer 2 blockchains should not focus on immutability – their ability to maintain an unchanged and unalterable ledger of transactions – until the Ethereum blockchain is ready, said the founder of Uniswap, Hayden Adams.
“Ethereum L2s should not be immutable. It’s been 10 years and L1 is not ready to be set in stone,” Adams wrote in a June 9 X article.
He added that it “makes no sense” to expect that Layer 2 networks “will never be upgraded again or force mass migrations.”
“The interconnected nature of users and applications on the L2 chain breaks composability if some migrate and others do not,” Adams wrote.