$60M Sold in Minutes Due to Ledger Vulnerability Scandal


As word of Ledger’s vulnerability spread, the price of bitcoin saw wild swings.

As the whole cryptocurrency market fell and bounced off on news of Ledger’s problems, the total value of liquidated holdings on an hourly basis rocketed up to $60 million.

CryptoPotato broke the news about the big wallet company’s problems, which threatened several Web3 interactions.

This enabled criminals to steal more than $600,000, according to some on-chain investigators like ZachXBT.

The business wasted no time in updating X with the news that it had “identified and removed a malicious version of the Ledger Connect Kit” and subsequent updates, including:

A legitimate version is now being distributed in order to replace the malicious file. Stay away from decentralized applications (dApps) right now.

The crypto market saw the effects of these changes immediately. For example, the price of Bitcoin fell sharply from its intraday peak of $43,300 to $41,500. Just a few minutes after that, the asset recovered and is now trading at $42,500.

Similar price oscillations sent most alternative cryptocurrencies plunging and then partially regaining their losses.

As a consequence, several places were damaged. Actually, according to CoinGlass, the total value of liquidated holdings climbed to nearly $60 million during the previous hour.

Also Read: LayerZero’s Recently Announced V2 Iteration Testnet

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