April 19, 2024
Ledger's Commitment to Compensate Users After $600,000 Impact
Latest Cryptocurrency News

Ledger Vows Full Reimbursement for Victims of Connect Kit Exploit

Ledger, a provider of hardware cryptocurrency wallets, has announced its commitment to reimbursing all users affected by the recent Ledger Connect Kit exploit. On December 20, the company used X (formerly Twitter) to declare its awareness of approximately $600,000 in assets that were impacted or taken from users due to blind signing on Ethereum Virtual Machine (EVM) decentralized applications (DApps).

The exploit affected various decentralized applications using Ledger’s connector library, such as SushiSwap and Revoke.cash, on December 14, 2023, leading to significant losses for investors.

In response to these events, Ledger has pledged to fully compensate the affected victims. The company assured, “We commit, by any means necessary, including acts of goodwill, to ensure this is completed by the end of February 2024. We are already in contact with many affected users and actively collaborating on the specifics.”

Additionally, Ledger announced its intention to collaborate with the DApp ecosystem to enable transparent signing but will discontinue blind signing using Ledger devices. The company anticipates phasing out blind signing with Ledger devices by June 2024. “Our dedication is to collaborate with the community and DApp ecosystem to facilitate transparent signing, allowing users to verify all transactions on Ledger devices before confirming. This move aims to establish a new standard for user protection and promote transparent signing across DApps,” the announcement emphasized.

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