The Block Crypto News9 minutes ago

Published on June 09, 2024 15:19 GMT+00:00edited on June 09, 2024 15:24 GMT+00:00

Loopring, the zkEVM protocol built on Ethereum with a website that bills its smart wallet application as "Ethereum's most secure wallet," suffered a security breach related to its 'Guardian' two-factor authentication service, the protocol announced on Sunday. 

Through the Guardian service, users can elect to name wallets of trusted individuals or institutions to assist in security operations such as locking a compromised wallet or restoring one if the seed phrase is lost. However, a hacker managed to bypass Loopring's own Official Guardian service to instigate recoveries on wallets with that single guardian without the users' permission, Loopring disclosed in its announcement. As more than half of guardians are needed to instigate transactions, according to Loopring's website, …