Ethereum Based Altcoin Hacked: Millions Loss and Price Drop!

Ethereum 8ETH) based altcoin suffered serious damage as a result of the cyber attack.

Ethereum-based roll-up Loopring (LRC) lost millions of dollars as a result of a cyber attack, while the altcoin price also dropped. According to the team, Loopring's two-factor authentication (2FA)-based Guardian wallet recovery service was compromised in a hacking attack.

On-chain data revealed that approximately $5 million was withdrawn from wallets protected by Loopring's Guardian service.

The team announced that work continues to determine the extent of the attack and prevent further losses:

We are actively collaborating with Mist security experts to determine how our 2FA service has been compromised. To protect our users, we have temporarily suspended Guardian-related and 2FA-related transactions. Following this action, the reconciliation ended.

Loopring price drop

A significant drop in the LRC price was seen on the afternoon of June 9, as the team confirmed the attack. According to CoinGecko data, the LRC price dropped by 5% following the news of the attack.

LRC, which decreased from $ 0.229 to $ 0.217, is traded at $ 0.218 at the time of writing.