Inside the Ledger Connect Hack: Method and Impact

The recent Ledger Connect hack, which resulted in a theft of at least $484,000 from various Web3 applications, was executed by tricking users into making unauthorized token approvals. The attacker compromised a former Ledger employee's computer, gaining access to their node package manager JavaScript account. By uploading a malicious update to Ledger Connect's GitHub repository, the attacker was able to distribute the harmful code to users' browsers through Web3 apps like Zapper, SushiSwap, Phantom, Balancer, and Revoke.cash. The Cyvers team explained that the malicious code likely altered transaction data in users' wallets, leading to the approval of transactions they didn't intend to make. The incident highlights significant security challenges within the Web3 ecosystem and the Ethereum Virtual Machine.

_{Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.}