Ledger was hacked: here’s what happened

Ledger, one of the most well-known cold wallet companies in the world, faced a hacking incident yesterday. So what happened in this process? How did the decline in BTC turn into an opportunity? Here is what happened…

Years have passed since their launch crypto assets, even today they are in the early stages. The first reason that makes us think this way is that we cannot use it widely in our daily life. The second reason is a method to store crypto assets 100% securely. absence. If the exchange closes or hot wallet services like MetaMask shut down, we may never be able to access crypto assets again.

This is why many investors use their crypto assets as “cold walletSo, what is a cold wallet? These physical devices, usually the size of a USB stick, are used to store crypto assets. Many people think these devices are safe. register such as… Ledger is known as the most popular cold wallet producer in the world. However, the events of the previous day suggested that Ledger was not as safe as expected. However, this approach was somewhat inappropriate.

Former employee hacked, Ledger software exploited

Made from Ledger’s official X account according to description a former employee the Pirates was attacked. The hacker(s) who have successfully gained access to login information to Ledger systems are able to establish connections between Ledger devices and third-party services. Ledger Connection Kit They prepared a modified version of the library. This malware was also distributed to users.

Ledger clients, approx. for 5 hours they saw this malware. According to Ledger’s statement, the modified Ledger Connect Kit requested the transfer of cold wallet assets to wallets owned by the hacker(s). According to Ledger, upon detection of the incident 40 minutes A study was conducted and a secure version of the Ledger Connect Kit was created.

Careless users’ funds went into a wallet used for hacking

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During the malware distribution process, users aware without They transferred their money to hacker wallets. However, if the address of the wallet to which the transfer was made had been verified, such a problem would not have occurred. When we verified a wallet address shared by Ledger, in addition to 0.02 ETH 102 thousand dollars We see that there is a transfer of funds. According to Ledger’s statement, the Tether (USDT) team has frozen all USDT assets in this wallet (approximately $27,000 USDT).

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In the meantime; Great book on the subject legal procedure Let us also specify that he initiated it. Ledger and his partners use all the information they have to catch the attackers. law enforcement forces They shared it with. On the other hand; Customers who suffered a loss of funds were also contacted.

Don’t fall into the trap of unnecessary FUD!

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The Ledger hack is not a good thing and you are right to react to the company. However, with the news of the hacking, there was meaningless FUD in the markets, i.e. horror environment shape. BTC, and therefore altcoins, suddenly experienced a sharp decline. So what happened next? Sudden decline accompanied by a sharp increase brought.

BTC

Above you see the hourly price chart of BTC. At the time the Ledger incident was reported 43 thousand 350 dollars BTC, trading at levels, fell to 41 thousand 402 dollars in just 2 hours. Then the tide turned and BTC 43 thousand 430 dollars reached levels. At the time of writing, BTC continues to trade at $42,630.

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What we mean is this; If you are a cryptocurrency investor, you are used to such events and You must be resilient.. Because those who got carried away with FUD and sold their assets actually allowed others to “buy cheap goods”. Of course, this does not mean that you should not sell whatever happens, but at the slightest negative news don’t panic important…

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