Ledger Library Breach: Experts Advise Halting Dapp Usage to Dodge Wallet Drainer
According to multiple reports, an alleged exploit has been discovered in the Ledger Connectkit Library, raising concerns about the security of decentralized applications (dapps). Users are strongly advised not to interact with the front ends of these dapps due to the potential risk of a wallet drainer.
The issue with the Ledger Library was brought to light by a user named "Banteg," who confirmed that the library had been compromised and replaced with a malicious file. This revelation has prompted experts to caution against engaging with any dapps until more clarity is provided.
Hudson Jameson, a blockchain developer, emphasized the seriousness of the situation. He revealed that Ledger's Library, which is utilized by various dapps, had been breached, resulting in the introduction of a wallet drainer. Jameson urged individuals to refrain from interacting with dapp front ends on websites, especially if they are unaware of the specific backend libraries being used. He warned that deceptive browser wallet prompts could facilitate unauthorized asset transfers to malicious entities, although visiting compromised websites does not automatically lead to fund loss.
To address the issue, Ledger is actively working on a resolution. However, even after Ledger corrects the problem, affected dapps will need to update their use of Ledger's Web3 libraries to ensure safety. Numerous developers and crypto enthusiasts have taken to social media to spread warnings about the exploit.
"I would avoid using ANY dapps until their teams confirm that they have mitigated the attack," one individual advised. Notably, Revokecash, Zapper, Sushi, and other dapps are reportedly vulnerable to this bug, and users are strongly advised to refrain from using these applications.
In an official statement, Ledger confirmed the issue and assured users that a genuine version of the Ledger Connectkit had replaced the malicious file. However, they urged users to avoid interacting with any dapps for the time being. Ledger also emphasized the importance of Clear Signing transactions and reminded users to verify that the information displayed on their Ledger device matches the information on their computer or phone screen.
This story is still developing, and more information will be provided as it becomes available.
Have you been affected by the Ledger Library breach? Share your thoughts and experiences regarding this issue in the comments section below.
Frequently Asked Questions
Is buying gold a good option for retirement planning?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
The best form of investing is physical bullion, which is the most widely used. There are many ways to invest your gold. You should research all options thoroughly before making a decision on which option you prefer.
If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you need cash flow to finance your investment, then gold stocks could be a good option.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
What Should Your IRA Include in Precious Metals?
You should remember that precious metals are not only for the wealthy. You don't need to be rich to make an investment in precious metals. There are many ways to make money on silver and gold investments without spending too much.
You might think about buying physical coins such a bullion bar or round. Stocks in companies that produce precious materials could be purchased. Your retirement plan provider may offer an IRA rollingover program.
Regardless of your choice, you'll still benefit from owning precious metals. They are not stocks but offer long-term growth.
And, unlike traditional investments, their prices tend to rise over time. So, if you decide to sell your investment down the road, you'll likely see more profit than you would with traditional investments.
What are the benefits of a gold IRA
Many benefits come with a gold IRA. It can be used to diversify portfolios and is an investment vehicle. You have control over how much money goes into each account.
You also have the option to transfer funds from other retirement plans into a IRA. This makes for an easy transition if you decide to retire early.
The best part? You don’t need to have any special skills to invest into gold IRAs. They are offered by most banks and brokerage companies. Withdrawals are made automatically without having to worry about fees or penalties.
But there are downsides. Gold has always been volatile. It's important to understand the reasons you're considering investing in gold. Are you looking for safety or growth? Is it for insurance purposes or a long-term strategy? Only when you are clear about the facts will you be able take an informed decision.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. One ounce doesn't suffice to cover all your needs. Depending on the purpose of your gold, you might need more than one ounce.
If you're planning to sell off your gold, you don't necessarily need a large amount. You can even manage with one ounce. However, you will not be able buy any other items with those funds.
Can I hold physical gold in my IRA?
Gold is money, not just paper currency or coinage. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
Gold has historically performed better during financial panics than other assets. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. During those turbulent market conditions, gold was among the few assets that outperformed stocks.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. Even if your stock portfolio is down, your shares are still yours. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, the liquidity that gold provides is unmatched. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
Can I hold a gold ETF in a Roth IRA?
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
Traditional IRAs allow for contributions from both employees and employers. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
A Individual Retirement Annuity is also possible. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs do not have to be taxable
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement funds
Gold Roth IRA guidelines
You should start investing early to ensure you have enough money for retirement. You should start as soon as you are eligible (usually at age 50) and continue saving throughout your career. To ensure sufficient growth, it is vital that you contribute enough each year.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. This makes them great options for people who don't have access to employer matching funds.
Savings should be done consistently and regularly over time. You will lose any potential tax advantages if you don't contribute enough.
By: Jamie Redman
Title: Ledger Library Exploit Alert: Protect Yourself from Wallet Drainer Risk
Sourced From: news.bitcoin.com/ledger-library-exploit-alert-users-warned-against-interacting-with-dapp-front-ends-amid-wallet-drainer-risk/
Published Date: Thu, 14 Dec 2023 13:59:36 +0000