CDS Crypto News Ledger Wallet to Reimburse Users Post Connect Kit Exploit
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Ledger Wallet to Reimburse Users Post Connect Kit Exploit

Ledger acknowledges the theft of approximately $600,000 in assets from users due to blind signing on Ethereum Virtual Machine (EVM) decentralized applications (DApps). The company commits to reimbursing all affected users to ensure they are

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Ledger Wallet To Reimburse Users Post Connect Kit Exploit

Ledger, a prominent hardware cryptocurrency wallet provider, has taken a decisive step in response to the Ledger Connect Kit exploit, pledging to reimburse all users affected by the incident. The exploit, which unfolded on Dec. 14, 2023, involved several decentralized applications (DApps), including notable platforms like SushiSwap and Revoke.cash, that were utilizing Ledger’s connector library. The exploit resulted in significant losses, amounting to approximately $600,000 in assets stolen or impacted through blind signing on the Ethereum Virtual Machine (EVM) DApps.

Ledger Wallet to Reimburse Users Post Connect Kit Exploit

Making the announcement on X (formerly Twitter) on Dec. 20, Ledger acknowledged the severity of the situation and expressed its commitment to rectify the losses incurred by affected users. Ledger assured users that it would explore various means, including gestures of goodwill, to ensure full reimbursement. The company aims to complete this process by the end of February 2024 and has already initiated communication with numerous impacted users, actively addressing the specifics of each case.

Ledger crypto wallet commits to reimbursing users in the aftermath of the Connect Kit exploit

In addition to the reimbursement initiative, Ledger outlined its plans to collaborate with the DApp ecosystem for enhanced security measures. Specifically, Ledger will discontinue blind signing with Ledger devices in a bid to fortify user protection. The company envisions transitioning to a new standard called Clear Signing, allowing users to verify transactions on Ledger devices before signing. This strategic move is expected to foster increased transparency and security across various DApps. Ledger anticipates the full implementation of this transition, ceasing blind signing with Ledger devices, by June 2024.

The comprehensive response from Ledger not only reflects the company’s commitment to user security but also underscores its dedication to proactive engagement with the community and the broader DApp ecosystem. The initiative to establish Clear Signing as a new standard signifies a forward-thinking approach aimed at enhancing security protocols and user confidence in the evolving landscape of decentralized applications.

Ledger Wallet To Reimburse Users Post Connect Kit Exploit

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