Loopring Smart Wallets Suffer a $5 Million Exploit

On Sunday, Loopring, an Ethereum zero-knowledge roll-up protocol, announced a significant security vulnerability attack on its smart wallets, linked to the Loopring Official Guardian. The project is collaborating with security and law enforcement agencies to investigate how the two-factor authentication system was compromised and to track down the cybercriminals. Loopring and blockchain audit firm Cyvers Alert identified and publicly shared the two malicious wallets. Onchain data from Etherscan revealed that one of the hacker’s wallets seized about $5 million worth of assets from the compromised wallets.

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