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Breaking: Ledger Was Hacked

Trump Releases Another Collection

Author

Gannon Breslin
December 14, 2023

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It’s almost Friday!

Here is the breakdown of today's newsletter:

🔓 Breaking News

: Ledger Connect Kit Hacked
📸 Trump Debuts His New Mugshot Edition Collection

Reminder: If there is something you think we can do to make this newsletter better (content, format, etc.) please respond to this email with your feedback!

LEDGER CONNECT KIT HACKED 🔓

This is a developing news story that just broke this morning - Ledger’s Connect Kit had been hacked and a hacker was able to access funds.

Ethereum based dApps (decentralized applications) were compromised including Zapper, SushiSwap, Phantom, Balancer and Revoke Cash.

Currently it is not known how much crypto and NFTs were stolen but according to Blockaid a blockchains security firm stated “upwards of $150,000 in crypto had been lost”. True figures will not be known until the dust settles.

Key thing to note: Do not interact with any dApps today

Here’s the details from Ledger:

  • This morning CET, a former Ledger Employee fell victim to a phishing attack that gained access to their NPMJS account.

  • The attacker published a malicious version of the Ledger Connect Kit (affecting versions 1.1.5, 1.1.6, and 1.1.7). The malicious code used a rogue WalletConnect project to reroute funds to a hacker wallet.

  • Ledger’s technology and security teams were alerted and a fix was deployed within 40 minutes of Ledger becoming aware. The malicious file was live for around 5 hours, however we believe the window where funds were drained was limited to a period of less than two hours.

  • Ledger coordinated with @WalletConnect who quickly disabled the the rogue project.

  • The genuine and verified Ledger Connect Kit version 1.1.8 is now propagating and is safe to use.

  • For builders who are developing and interacting with the Ledger Connect Kit code: connect-kit development team on the NPM project are now read-only and can’t directly push the NPM package for safety reasons.

  • We have internally rotated the secrets to publish on Ledger’s GitHub.

  • Developers, please check again that you’re using the latest version, 1.1.8.

The full statement and updates below:

The community hasn’t been as kind to the situation:

To clarify any dApp that uses Ledger Connect is at risk.

BE SAFE EVERYONE, and out of curiosity …

What type of hard wallet do you use?

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  • Animoca Brands: After raising $20 million in a recent funding round, the web3 giant secured an additional $11.88 million for its own metaverse, Mocaverse. With a total funding of $31.88 million, the developers aim to enhance its mission as a leader in blockchain gaming, entertainment, and culture. (NP)

  • Senator Elizabeth Warren: Has made it extremely clear that she does not like crypto. She is pushing for a bill that includes stricter crypto regulation such as reformed anti-money laundering rules, requiring more crypto service providers to verify customer identities. Don’t fret: Warren has introduced 330 bills during her 11 years as a senator. Ten were eventually folded into other bills, and only one relatively obscure bill has ever been enacted. (P)

  • Jack Butcher: ICYMI @jackbutcher's Oviators collection sold out (1717 pieces) in incredible fashion, no pun intended. A collaboration with Salvino Armati at an exhibition space in Wynwood, each generative art Oviator NFT came with physical sunglasses to match. (@thedropnft)

  • Portal Coin: Has partnered with Magic Eden. "Alongside ETH, Sol & Bitcoin, $Portal token & ecosystem NFTs will be supported in Magic Eden’s marketplace. $Portal is connecting all games on every chain with one coin"

  • FTX: A proposed $24 billion tax bill from the IRS will likely suck up any “meaningful recovery” that was meant for victims of FTX, according to the bankrupt crypto exchange. (CT)

  • Decrypt: Merged with Rug Radio, a popular spaces and decentralized web3 media brand and creator platform. (AX)

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Trump’s Mugshot NFT Collection 📸

Former U.S. President Donald Trump has dropped yet again another NFT collection. This time its to commemorate his legal troubles and the collection has been dubbed the “Mugshot Edition”. On August 24th, 2023 the President was arrested and a mugshot was taken at the Fulton County Jail in Georgia - as you can imagine the image went ultra viral.

💡 Here’s the details:

  • Each card is $99 and can be paid via crypto or cash

  • There are 2,024 trading cards available with different rarities (some are autographed by Trump)

  • If you mint 47 of them in a single transaction you will receive a host of perks including: Dinner with him at Mar-A-Lago, commerative merch, a physical card with a piece of the suit that he wore during the mugshot

Obviously anything revolving around Trump is shrouded with controversy - some are upset that this collection may be devaluing his previous collections while others are saying that this is bullish for the space and it adds more value in the sense that possible future President-again is showing his consistent support for crypto. Needless to say his prior collection has fallen since the announcement on the 12th with a current floor of 0.15 ETH.

You can check out the new collection here. 

🚨 NOTE: This was not a paid promotion of Trump NFTs. This was not an indication to buy, sell, or trade Trump NFTs and purely only for education and insight.

  • JPMorgan: Has reportedly tripled its internal crypto department (@BitcoinMagazine)

  • SBF Legal Defense: Says case is ‘unwinnable’ due to behaviors and cross examination (BBG)

  • KuCoin: Will shut down services in New York and pay $22M settlement (REUT)

  • BlackRock, Franklin Templeton, and Fidelity: Have all met privately with the SEC about Bitcoin ETF (@thedropnft)

  • HTX, Poloniex assets are ‘100% safe’ according to Justin Sun following $200M hack (CD)

  • Michael Saylor: Predicts $350k Bitcoin price in 2024 (@bitcoinlfgo)

As this next run comes in full swing we have to remind ourselves to BE SAFE. There is nothing worse than falling victim to scammers and losing all your crypto. Here is a breakdown of some simple steps to safeguard yourself:

What’s crazy is this section of the article was written BEFORE the Ledger news broke!

too soon fam, too soon

Sponsored Content: This newsletter was sponsored by RYZE. 

That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking web3 news! (@TheDropNFT)

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Written by: Gannon Breslin

Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.