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Loopring’s Guardian Smart Wallet System Hacked For $5 Million
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Ethereum ZK-rollup Loopring’s smart wallet ‘guardian’ system fell victim to a breach Sunday that saw over $5 million drained from affected wallets, the protocol revealed in a June 10 X post detailing the hack.
Loopring employs an additional safety feature known as its ‘guardian’ system, where users can appoint more than one trusted third party (such as a friend or family member) to operate as an authenticity “safety net” in case a recovery is needed while removing any risks from a commonly used seed phrase.
During Sunday’s hack, the unknown party successfully bypassed the organization’s 2FA security while impersonating a wallet owner to initiate a recovery process and drain user assets.
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