Crypto News – Manufacturer of hardware wallets Ledger has said that by June 2024, blind signing for decentralized applications (DApps) running on the Ethereum Virtual Machine (EVM) would be turned off.
Breaking News: Blind Signing in Ledger will No Longer Be Used After $600 Million Vulnerability
A wallet drainer was added to a library that many DApps used to connect to Ledger devices, which led to the decision. Approximately $600,000 worth of cryptocurrency assets were taken during the most recent exploit, according to a tweet from Ledger. The business pledged to compensate impacted victims in reaction to the security breach. It announced that by June 2024, it would stop using Ledger devices for blind signing.
What is a Blind Signature and Why doesn’t the Ledger Want It?
Raw smart contract signing data that is readable by computers but unreadable by humans is displayed during blind signing. The move by the corporation to phase out blind signing is a move in the direction of creating a new standard that will improve user security and encourage clear signing in all decentralized applications.
Ledger stressed its commitment to averting similar occurrences in the future and assuring the security of the ecosystem while pleading with DApp developers to promote transparent signing. Ledger claims that users blind signed on to EVM DApps, which is how the stolen assets were obtained.
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