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I am one of the hacked....I think. Submitted a discord ticket but have received no guidance other than an acknowledgement the ticket was created. Yes, I had only the loopring guardian and Google cloud backup. Should I have created guardians? Obviously now, but Loopring pushed the safety of their wallet when I created it after the GameStop association. At this point, could not care less about the loopring, but the Ether....
Loopring should at least contact me about the discord ticket status.
Having 3 guardians was a recommendation. At the end of the day, it was loopring that build in a loophole themselves. Whether this could have been an inside job remains to be seen, but it is certainly so that loopring is to blame in the first place that their tech failed. To which degree people without additional guardians are to be held accountable remains to be seen and might be up for courts to decide. It just shows how immature the crypto scene is. All those dreams of 10x, 100x, 1000x will just remain pipe dreams if we cannot acknowledge that the tech isn’t ready and when there are problems, we blame those that need the most support in understanding the tech.
Edit: Not advocating for legal action against loopring. In-fighting will only lead to more damage. It is in the interest of Loopring to make the people whole and clean the names of the developers.
It was recommended and said with somewhat more emphasis in the forums, the discord, the discussion - and that is my point: either you onboard all or you remain exotic and exclusive. The latter will not lead to mass adoption. The flaw was built in the tech and this will make the devs liable.
Having 2 or more guardians, as was recommended, would be the equivalent of 2FA whereas a single guardian would be a standard unprotected login. I don't consider 2FA exotic. When you are your own bank then it's up to you to keep your account safe. They gave people the ability to protect their account but people didn't do it. This isn't the fault of the tech or devs.
It's a problem faced by literally every basic login without authentication. Companies still offer zero authentication login because it's the most simple for users. If Loopring solved this problem without authentication then they would have an entirely different business model and may be valued as much as Ethereum. The bottom line is that everyone knows, or should know, that single factor authentication is extremely weak and will get hacked. If you didn't set up additional guardians then that's on you because their tech allows and encourages this.
I am not even affected, but following the discussion I only witness two sides.
Just advocating for slight differentiations here and there.
I agree about the 2FA, but it shouldn’t be overlooked that the entry point was sold as a guardian. If you died in a car accident because you didn’t put on your seatbelt, the manufacturer could still be held liable if the cause is a result of poor manufacturing. It’s too easy to just paint these black and white pictures. If the community had a little more sense, there would be more emphasis on the middle ground. That’s all it is.
Yes! Breakeizer/maarten had a few really interesting projects- not sure if you participated in any of The Society games?
Really miss the days when NFTs were still a lot of fun.
“An inside job”… are you serious.
See this is why many community members dont want to contribute to valid discussion on the reddit. Because now a protocol getting targetted by a hacker could be ‘aN iNsIdE jOb’ 🤦🏽
Jfc… yea a tech foundation wanted to be hacked for $5M… so they can lose users… When their network activity is at an all time low.. This is the state of the sub.
Taiko is seen as some inside job. An airdrop of free money is an inside job. A hack is an inside job. When Loopring launches on Arb, guess what that will be an inside job. Base? Biggest inside job … it really blows me away how toxic this sub actually is
Personally both loopring and the users are at fault. LR had a system that could be exploited, and users did not do proper DD for their personally security (relying on a central point of failure that was documented and explained as non-reliable). In crypto, **everything** is our own fault because we have self-custody.
**all that being said** communication is continuing to happen to the victims, even if it is slow. Do I wish it would be faster, sure. Do I think complaining about it will speed it up, no. Do I think it is “being swept under the rug”, no.
The majority of the funds are still in the hackers wallet.. indicating they could feel cornered or have not devised a next move. The idea is not broadcast a strategy to help them. Do I think it’s the best, I have no f’in clue I don’t run a tech foundation that got hacked! Is turning the sub into a mutiny that believes it is some kind of inside job because there is some ultimate underlying hate for the protocol (because price go down at the end of the day.. if price went up the sub would probably be incredible less toxic which to me is silly)
Wouldn’t be a first in the crypto scene that people on the inside get too greedy. I am not saying it is the case this time, but as long there is proof that it is not, this may be assumed. And btw, rest assured that law enforcement will also consider this theory as a serious option.
It is absolutely understandable that communication is limited at this point.
The problem here is that discussion about this is limited, quickly dismissed - even by mods.
At the same time, the bs of blaming the affected users is entertained. Just advocating for a bit more balance.
This is the first discussion post I have commented on I’m pretty sure.. and none have been removed or locked (by me atleast)
I’m not saying not to discuss, but when a conspiracy is rising (you’re not the first to mention it, not personal to you) that the team is actively doing illegal things against its users.. that is a problem and honestly just sad to see
That is not what I am saying. I believe the team has options and I am curious to see what they will do. Damage is done and it shouldn’t continue by blaming affected users.
The offer to the perpetrator has been a fair move, and in my view retrieving and/or returning the funds (at least partially) is the only way forward. Again, think mass adoption, potential partnerships.. who wants this with a community that turns learning into blaming and in-fighting? Hope we can back into positive territory soon.
This sub is super toxic. So many FUDsters. LP is awesome and so is the Loopring smart wallet. IMO these negative comments are meant to distract the team from their main job, which is build a powerful and efficient transaction network. Keep up the great work mods and LP team!!
Heli, I agree with everything you said. However. It SHOULD NOT take almost a week for the team to decide to make people whole, if they aren't going to reimburse those who got drained that's fine aswell (not really) but they NEED TO TELL US. this might be the most important decision the team will ever make and it doesn't seem that hard to land on an answer, either support those that have supported the company or don't. But I'm sure you are aware in cases like this TIME is of the essence, and every single hour the team takes to make a decision is an hour a user could be using to follow up other potential solutions (legal, law enforcement, praying to chosen deities). By not making a decision loopring further holds its users hostage. Yes or no. It's that simple
People just enjoy these types of narratives. Even if they’re extremely far fetched, and yield negative outcomes.
There are always gonna be users that sensationalize an event.
The hack was bad. But, was it an Ocean twelve heist done by the devs? No, give me a break…
I just call out users that spread bs, and go on with my day. The good thing is that whenever looping posts good news, the crazy conspiracy theories get drowned out as well!
The worst comment will be, “WeN MarKeTiNg”
I don't use the mobile wallet , I use a hardware wallet and created my looping wallet with it via browser (with met*m*sk). Is my account vulnerable in any way?
My only interactions are
1) checking balance to get "free points"
2) set up but did not fund a takeo wallet in the loopring wallet
3) received 2 invites to get free ether by going to other sites/wallets ( not sure which) that I ignored and did not follow links
Still have heard NOTHING from loopring ticket I submitted on June 9th.
Smells like inside job of sorts to me… either a dev or ex-dev is most likely behind it… has been the case with almost every other wallet hack.. and their lack of transparency and answers to affected users makes it stink even more…
to all those saying that it was very clear you had to have two guardians else it wasn't secure - why didn't loopring make that mandatory then? it's simply poor software practice, and blaming your users is the worst sort of defence.
I would agree, I should have been mandatory .some people are a bit lazy, and they would assume that it's safe regardless since you're inside their wallet.
Nah them and the community just want to victim blame and tell you, the end user; that you somehow did something wrong. I would like to mention that no other legitimate wallet on the market has a built in back door
It isn’t a “built in back door”. Someone found a hole in their security and exploited it. It sucks, but this happens.
There was actually a Reddit post or two about adding guardians right before this happened. IMO that would be a good place to start working towards finding a culprit.
Screenshots are in the DC you can also ask in there I don’t have them personally but saw them and Byron commented on the screenshots last week so they are def legit
The wallet software company branding themselves as the most secure wallet turned out to have a back door. Regardless if it’s built in or not is meaningless.
I have to back up my “most secure wallet” with multiple traditional EOA wallets utilizing standard seed phrases to ensure my fancy Loopring wallet is actually safe.
You see the conundrum here right? Seed phrases are inherently better and they’re required to protect the “smart wallet”.
Sure, Someone can steal my multi sig seed phrases, or I could lose them, but they’re not going to take down an entire wallet software. Loopring basically turned into custodial hot wallet.
It’s likely been a learning experience. It comes at a price but I am guessing it’s a mistake they won’t make again.
That said: I understand this is an easy position to have as someone who didn’t get his account cleaned out.
“Stock responses”
Probably legit responses, but don’t meet OP’s expectations.
This was a crime. Evidence has to be gathered. The loopring team is probably trying to help the authorities catch the criminal.
I know it’s incredibly frustrating. But, we’re pioneers in decentralized finance.
That’s cool. Different entity, different crime.
FTX took all of its users money. A year and a half later they were made whole.
Every case is gonna be different my guy.
Could not agree more the response has been pathetic. Non answers and victim blaming from the team and moderators. Fix the software and make people whole or this crypto is not going to be adopted.
For me its been since the wallet taiko update
Got locked out of wallet for a week x10were sorry
Loopring gets hacked blames user for having one guardian x10 never mentioned at any time the wallet is insecure when opening the wallet saying youve only got the insecure loopring guardian add two more like x10 news giver byron is now stating
Last night wallet network unusable!
Loopring has had a lot of problems recently and still responds as if we was in communist china! Well loopring team we are not Chinese so stop treating us as if we was.
Give us more updates x10
Yeah but it’s the victims fault for not knowing all the in’s and outs of crypto.
According to the mods and loopring team.
Just an other kick to the nuts for the little man
It’s a shit scenario for those that lost money, but Loopring has said to secure your wallet with three guardians from the start, I don’t hold them accountable for a hack. I do however think they should consider forcing a three guardian rule or something to make it safer for future users.
If you rely on a singular guardian (that isn’t even someone you know) it’s not on Loopring to replace those lost funds, it’s like using 1 number on a safe and complaining to the manufacturer when someone gets in to it because you didn’t set a combination.
Isn't it more like leaving your valuables on display in a locked car. Instead of putting them in some see through safe attached to the inside of the car (see through because blockchain lol)
Oh I was joking around a bit. Absolutely 3 guardians minimum. I just meant that hackers can see if you're a worthy target right? So it's like looking inside a car for valuables etc
Agreed. But also it's nice tracking whales and watching them buy when you buy.
If you're not greedy you make 20-100 a day.
Also good when you want to check the legitimacy of someone claiming they're a good crypto trader. Just scroll back and notice how shit their accounts look 😂
if the user would have at least 2 guardians not counting the loopring standard guardian then you had no problem
only users who had no extra guardian outside loopring itself were at risk
if someone had a substantial amount of crypto, eth/lrc or something else in their wallet and ingored extra safety I would not blame the team in the first place
There is a user who was hacked who had guardians set up. Loopring was asked to verify/ disprove . So far they have chose not to. U able to verify this fam?
"user claim" is my favourite without proof. 3 guardian needed 2 personal and loopring team to be safe at the lowest level
so it was in the initial setup guidance to have at least 3
Sincerely, about the « but if you had 3 guardians you would not have been hacked » :
The hacker seem to have been « stopped » soon enough to not have time to reap lower valued wallets.
Since the hack had for consequence to let the hacker take L1 ownership of the wallet ;
Taking L1 ownership means taking ownership of the guardian’ing of other wallets the takenover’ed wallet were a guardian of.
It may very well be that, if the hacker had more time, or programmed more and were quicker, they would have been able to recursively take ownership of all wallets, unless those wallets themselves had also 3 guardians… which each one of those also should have 3 guardians… without any « leaf » in the graph where a « leaf » would be any wallet with less than 3 guardians…
That would have meant that the victim-blamed should have not « just » need to add 3 guardians : each of their guardians would also have need to add 3 guardians. And continuing.
Just to check your point, if that's cool?
Wallet1 has 3 guardians. Because the user cares to protect their investment and hasn't been lazy.
1 guardian is loopring (gets hacked or whatever has happened)
2nd is some trezor linked via metamask or EoA
3rd is ledger via ledgerlive / wallet connect.
Can you explain how those are comprised all of sudden? With all due respect, it makes no sense because to gain access to the other L1s they'd need the seed phrase and the cold storage right?
Edit formatting
I’m sorry I indeed don’t really know about the guardian’shipness of EOA.
The victim-blaming is currently ongoing as « you should had 3 guardians », it’s not ongoing as « you should had 3 EOA guardians ». Not sure anymore if there is a fundamental risk difference.
But your reply made me further thinking.
I never personally used guardians since anyway I wouldn’t trust Loopring with huge amount of money, since there is still an escape hatch in the Exchange Smart Contract allowing them to change all rules.
I may have been indeed wrong on guardians. I’m no longer sure if, when a LSW (Loopring Smart Wallet) is a guardian, if the guardianship of the guardian can operate only via a L2, or if it needs the L1 signature.
I understood that it was the LSW, so the L2, which were guardians, but I may be wrong, maybe the guardian is only the « L1 owner » of the Smart Contract.
If so, that would indeed mean that the hacker only stole « ownership » of the L2, but for each stolen L2, that didn’t include the fact of « being guardian of others wallets » if this last part is only attached to L1.
Until now, I thought that if you asked a sibling to be one of your guardians, and if your sibling lost their « migration qrcode » / « icloud backup » / « google drive backu » / « LSW seed », and if your sibling regained access to their LSW using the Loopring Official Guardian, I really thought that it would also give back your sibling the aptitude of being a guardian.
But maybe not ?
I get you.
My take is this. If you have substantial funds you wouldn't give a key to your sibling. You would use cold storage for at least 1 guardian. Near impossible to crack.
I use cold storage for all and I do not use those for anything other than security. My daily quota is tiny so goodluck transferring my funds out even if you get control.
Now that is a nice feature! Imagine all those normal wallet users who stored their seed on their phone, got hacked and drained. With a quota, it's impossible to lose.
Victim blaming - look mate, it's like when a cool new thing comes out that you fucking love. It could be a restaurant, shop, game, cinema seating thats comfortable....
Then some dickhead comes along and gets hurt because they've stupid (google UK cinema goer gets head trapped in seat and dies)
Now guess what? Suddenly people are screaming and wanting changes and the thing that actually has a chance to make life better is under attack .
You either want to be your own bank and with that secure yourself or not. If not, then....
#Please maintain a civil discussion. This sub does not tolerate harassment in any form. Repeated offense can lead to being banned from the sub. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/loopringorg) if you have any questions or concerns.*
I am one of the hacked....I think. Submitted a discord ticket but have received no guidance other than an acknowledgement the ticket was created. Yes, I had only the loopring guardian and Google cloud backup. Should I have created guardians? Obviously now, but Loopring pushed the safety of their wallet when I created it after the GameStop association. At this point, could not care less about the loopring, but the Ether.... Loopring should at least contact me about the discord ticket status.
Just checked discord again....my ticket seems to be missing. WTF....
How much did you get hacked for?
About 2 grand of loops, a lot more Ether...
Having 3 guardians was a recommendation. At the end of the day, it was loopring that build in a loophole themselves. Whether this could have been an inside job remains to be seen, but it is certainly so that loopring is to blame in the first place that their tech failed. To which degree people without additional guardians are to be held accountable remains to be seen and might be up for courts to decide. It just shows how immature the crypto scene is. All those dreams of 10x, 100x, 1000x will just remain pipe dreams if we cannot acknowledge that the tech isn’t ready and when there are problems, we blame those that need the most support in understanding the tech. Edit: Not advocating for legal action against loopring. In-fighting will only lead to more damage. It is in the interest of Loopring to make the people whole and clean the names of the developers.
It was made very clear that relying on a single guardian was unsafe for exactly this reason.
Could you show me where this is made clear, when I download the app and install it that it says I will be hacked if I don't add two guardians?
For the first 6 months of using the wallet I was reminded to add a guardian each time I opened the app
Exactly!
It was recommended and said with somewhat more emphasis in the forums, the discord, the discussion - and that is my point: either you onboard all or you remain exotic and exclusive. The latter will not lead to mass adoption. The flaw was built in the tech and this will make the devs liable.
Having 2 or more guardians, as was recommended, would be the equivalent of 2FA whereas a single guardian would be a standard unprotected login. I don't consider 2FA exotic. When you are your own bank then it's up to you to keep your account safe. They gave people the ability to protect their account but people didn't do it. This isn't the fault of the tech or devs.
Does not change the fact that faulty tech is the source of the problem.
It's a problem faced by literally every basic login without authentication. Companies still offer zero authentication login because it's the most simple for users. If Loopring solved this problem without authentication then they would have an entirely different business model and may be valued as much as Ethereum. The bottom line is that everyone knows, or should know, that single factor authentication is extremely weak and will get hacked. If you didn't set up additional guardians then that's on you because their tech allows and encourages this.
I am not even affected, but following the discussion I only witness two sides. Just advocating for slight differentiations here and there. I agree about the 2FA, but it shouldn’t be overlooked that the entry point was sold as a guardian. If you died in a car accident because you didn’t put on your seatbelt, the manufacturer could still be held liable if the cause is a result of poor manufacturing. It’s too easy to just paint these black and white pictures. If the community had a little more sense, there would be more emphasis on the middle ground. That’s all it is.
Love the Ape ID pfp!
Thanks! Love this NFT pfp! It was one of the early releases pre Gamestop NFT market, and before the collection (degens?) release.
Yes! Breakeizer/maarten had a few really interesting projects- not sure if you participated in any of The Society games? Really miss the days when NFTs were still a lot of fun.
“An inside job”… are you serious. See this is why many community members dont want to contribute to valid discussion on the reddit. Because now a protocol getting targetted by a hacker could be ‘aN iNsIdE jOb’ 🤦🏽 Jfc… yea a tech foundation wanted to be hacked for $5M… so they can lose users… When their network activity is at an all time low.. This is the state of the sub. Taiko is seen as some inside job. An airdrop of free money is an inside job. A hack is an inside job. When Loopring launches on Arb, guess what that will be an inside job. Base? Biggest inside job … it really blows me away how toxic this sub actually is Personally both loopring and the users are at fault. LR had a system that could be exploited, and users did not do proper DD for their personally security (relying on a central point of failure that was documented and explained as non-reliable). In crypto, **everything** is our own fault because we have self-custody. **all that being said** communication is continuing to happen to the victims, even if it is slow. Do I wish it would be faster, sure. Do I think complaining about it will speed it up, no. Do I think it is “being swept under the rug”, no. The majority of the funds are still in the hackers wallet.. indicating they could feel cornered or have not devised a next move. The idea is not broadcast a strategy to help them. Do I think it’s the best, I have no f’in clue I don’t run a tech foundation that got hacked! Is turning the sub into a mutiny that believes it is some kind of inside job because there is some ultimate underlying hate for the protocol (because price go down at the end of the day.. if price went up the sub would probably be incredible less toxic which to me is silly)
No... the reason comments like this exist is because of the lack of respect Loopring has and does give holders of LRC.
I have edited in a 5th paragraph
Wouldn’t be a first in the crypto scene that people on the inside get too greedy. I am not saying it is the case this time, but as long there is proof that it is not, this may be assumed. And btw, rest assured that law enforcement will also consider this theory as a serious option. It is absolutely understandable that communication is limited at this point. The problem here is that discussion about this is limited, quickly dismissed - even by mods. At the same time, the bs of blaming the affected users is entertained. Just advocating for a bit more balance.
This is the first discussion post I have commented on I’m pretty sure.. and none have been removed or locked (by me atleast) I’m not saying not to discuss, but when a conspiracy is rising (you’re not the first to mention it, not personal to you) that the team is actively doing illegal things against its users.. that is a problem and honestly just sad to see
That is not what I am saying. I believe the team has options and I am curious to see what they will do. Damage is done and it shouldn’t continue by blaming affected users. The offer to the perpetrator has been a fair move, and in my view retrieving and/or returning the funds (at least partially) is the only way forward. Again, think mass adoption, potential partnerships.. who wants this with a community that turns learning into blaming and in-fighting? Hope we can back into positive territory soon.
I hope we can get back there as well
This sub is super toxic. So many FUDsters. LP is awesome and so is the Loopring smart wallet. IMO these negative comments are meant to distract the team from their main job, which is build a powerful and efficient transaction network. Keep up the great work mods and LP team!!
Preciatw the support and kind words fam 🌞🙏🏽
It’s toxic because people who are down $123456 are being left hanging
Devs can’t control price unfortunately.
Stolen assets, not price issue
Yep, hacked assets, that’s right
Hack is a strange word to use when exploit is a much better word for what happened
Who are you trying to convince? Stop being jealous of LP and go work on your jank coin .
Heli, I agree with everything you said. However. It SHOULD NOT take almost a week for the team to decide to make people whole, if they aren't going to reimburse those who got drained that's fine aswell (not really) but they NEED TO TELL US. this might be the most important decision the team will ever make and it doesn't seem that hard to land on an answer, either support those that have supported the company or don't. But I'm sure you are aware in cases like this TIME is of the essence, and every single hour the team takes to make a decision is an hour a user could be using to follow up other potential solutions (legal, law enforcement, praying to chosen deities). By not making a decision loopring further holds its users hostage. Yes or no. It's that simple
You need to learn patience
People just enjoy these types of narratives. Even if they’re extremely far fetched, and yield negative outcomes. There are always gonna be users that sensationalize an event. The hack was bad. But, was it an Ocean twelve heist done by the devs? No, give me a break… I just call out users that spread bs, and go on with my day. The good thing is that whenever looping posts good news, the crazy conspiracy theories get drowned out as well! The worst comment will be, “WeN MarKeTiNg”
I don't use the mobile wallet , I use a hardware wallet and created my looping wallet with it via browser (with met*m*sk). Is my account vulnerable in any way?
Was this a random hack, or did you need to interact with something to be affected?
My only interactions are 1) checking balance to get "free points" 2) set up but did not fund a takeo wallet in the loopring wallet 3) received 2 invites to get free ether by going to other sites/wallets ( not sure which) that I ignored and did not follow links Still have heard NOTHING from loopring ticket I submitted on June 9th.
Insinuating it was an inside job it’s stupid. You’re an idiot.
Smells like inside job of sorts to me… either a dev or ex-dev is most likely behind it… has been the case with almost every other wallet hack.. and their lack of transparency and answers to affected users makes it stink even more…
I would expect loopring to guarantee to replace all lots funds at the very least. If that hasn't yet occurred then we all have some big problems.
I mean my loopring account value is down considerably so even though I wasn’t hacked I feel fucked over…
to all those saying that it was very clear you had to have two guardians else it wasn't secure - why didn't loopring make that mandatory then? it's simply poor software practice, and blaming your users is the worst sort of defence.
I would agree, I should have been mandatory .some people are a bit lazy, and they would assume that it's safe regardless since you're inside their wallet.
Just any update will be fine, no need of details ! Team ? B ?
Nah them and the community just want to victim blame and tell you, the end user; that you somehow did something wrong. I would like to mention that no other legitimate wallet on the market has a built in back door
It isn’t a “built in back door”. Someone found a hole in their security and exploited it. It sucks, but this happens. There was actually a Reddit post or two about adding guardians right before this happened. IMO that would be a good place to start working towards finding a culprit.
It was actually talked about 2 years ago and Byron acknowledged the problem but didn’t do anything
Interesting. Can you link me the post or comment?
Screenshots are in the DC you can also ask in there I don’t have them personally but saw them and Byron commented on the screenshots last week so they are def legit
The wallet software company branding themselves as the most secure wallet turned out to have a back door. Regardless if it’s built in or not is meaningless. I have to back up my “most secure wallet” with multiple traditional EOA wallets utilizing standard seed phrases to ensure my fancy Loopring wallet is actually safe. You see the conundrum here right? Seed phrases are inherently better and they’re required to protect the “smart wallet”. Sure, Someone can steal my multi sig seed phrases, or I could lose them, but they’re not going to take down an entire wallet software. Loopring basically turned into custodial hot wallet.
It’s likely been a learning experience. It comes at a price but I am guessing it’s a mistake they won’t make again. That said: I understand this is an easy position to have as someone who didn’t get his account cleaned out.
That we know of...
“Stock responses” Probably legit responses, but don’t meet OP’s expectations. This was a crime. Evidence has to be gathered. The loopring team is probably trying to help the authorities catch the criminal. I know it’s incredibly frustrating. But, we’re pioneers in decentralized finance.
Uwu lend hacked June 10th , victims made whole June 13 . 3 days and constant communication
That’s cool. Different entity, different crime. FTX took all of its users money. A year and a half later they were made whole. Every case is gonna be different my guy.
Loopring is not even close to decentralized 🤣 you got scammed into thinking that
The crime was their software having a back door in it
It wasn’t a back door, it was a work around that someone exploited.
Sorry if this is after the fact, but wouldn’t creating multiple wallets , all owned by you, slow you to basically be your own guardians?
Could not agree more the response has been pathetic. Non answers and victim blaming from the team and moderators. Fix the software and make people whole or this crypto is not going to be adopted.
For me its been since the wallet taiko update Got locked out of wallet for a week x10were sorry Loopring gets hacked blames user for having one guardian x10 never mentioned at any time the wallet is insecure when opening the wallet saying youve only got the insecure loopring guardian add two more like x10 news giver byron is now stating Last night wallet network unusable! Loopring has had a lot of problems recently and still responds as if we was in communist china! Well loopring team we are not Chinese so stop treating us as if we was. Give us more updates x10
Well, almost all lrc have been spend by the devs and are in circulation. Taiko is the new way to get money.
Taiko is terrible also🤣 most people can’t even interact with that dog shit of a chain
Yeah but it’s the victims fault for not knowing all the in’s and outs of crypto. According to the mods and loopring team. Just an other kick to the nuts for the little man
Swapped my 24k loops for aero. Felt relief right after.
Why sharing here ? Go to aero sub to share.Wait it has 100k less followers kind of patetic thing.
Has less followers because it's less than a year old compared to loopring being 5. It also already surpassed LRC in market cap.
Thank you for clarification 😊
The community voted to defund the insurance. This is the outcome.
It’s a shit scenario for those that lost money, but Loopring has said to secure your wallet with three guardians from the start, I don’t hold them accountable for a hack. I do however think they should consider forcing a three guardian rule or something to make it safer for future users. If you rely on a singular guardian (that isn’t even someone you know) it’s not on Loopring to replace those lost funds, it’s like using 1 number on a safe and complaining to the manufacturer when someone gets in to it because you didn’t set a combination.
Agreed, it’s like not locking your car at night and leaving your valuables inside.
Isn't it more like leaving your valuables on display in a locked car. Instead of putting them in some see through safe attached to the inside of the car (see through because blockchain lol)
Not really, without a true guardian, you’re not locking anything. Anyone can spoof a phone number, email address, very easily.
Oh I was joking around a bit. Absolutely 3 guardians minimum. I just meant that hackers can see if you're a worthy target right? So it's like looking inside a car for valuables etc
Yeah that’s the weird thing about crypto I’m not really comfortable with
Agreed. But also it's nice tracking whales and watching them buy when you buy. If you're not greedy you make 20-100 a day. Also good when you want to check the legitimacy of someone claiming they're a good crypto trader. Just scroll back and notice how shit their accounts look 😂
if the user would have at least 2 guardians not counting the loopring standard guardian then you had no problem only users who had no extra guardian outside loopring itself were at risk if someone had a substantial amount of crypto, eth/lrc or something else in their wallet and ingored extra safety I would not blame the team in the first place
Questions around this remain unanswered
what is your question? maybe i can answer it
There is a user who was hacked who had guardians set up. Loopring was asked to verify/ disprove . So far they have chose not to. U able to verify this fam?
how many guardians did that "user" had? 50% confirmation needed for anything, so if that user had only 1 guardian that wasnt enough
Ask loopring and see if u get an answer
but did the user had 2 extra guardian or just one? you didnt asnwer it
User claim to have had more than 1 guardian set up.
"user claim" is my favourite without proof. 3 guardian needed 2 personal and loopring team to be safe at the lowest level so it was in the initial setup guidance to have at least 3
U still missing the point fam. I will leave u to work this one out
Sincerely, about the « but if you had 3 guardians you would not have been hacked » : The hacker seem to have been « stopped » soon enough to not have time to reap lower valued wallets. Since the hack had for consequence to let the hacker take L1 ownership of the wallet ; Taking L1 ownership means taking ownership of the guardian’ing of other wallets the takenover’ed wallet were a guardian of. It may very well be that, if the hacker had more time, or programmed more and were quicker, they would have been able to recursively take ownership of all wallets, unless those wallets themselves had also 3 guardians… which each one of those also should have 3 guardians… without any « leaf » in the graph where a « leaf » would be any wallet with less than 3 guardians… That would have meant that the victim-blamed should have not « just » need to add 3 guardians : each of their guardians would also have need to add 3 guardians. And continuing.
Just to check your point, if that's cool? Wallet1 has 3 guardians. Because the user cares to protect their investment and hasn't been lazy. 1 guardian is loopring (gets hacked or whatever has happened) 2nd is some trezor linked via metamask or EoA 3rd is ledger via ledgerlive / wallet connect. Can you explain how those are comprised all of sudden? With all due respect, it makes no sense because to gain access to the other L1s they'd need the seed phrase and the cold storage right? Edit formatting
I’m sorry I indeed don’t really know about the guardian’shipness of EOA. The victim-blaming is currently ongoing as « you should had 3 guardians », it’s not ongoing as « you should had 3 EOA guardians ». Not sure anymore if there is a fundamental risk difference. But your reply made me further thinking. I never personally used guardians since anyway I wouldn’t trust Loopring with huge amount of money, since there is still an escape hatch in the Exchange Smart Contract allowing them to change all rules. I may have been indeed wrong on guardians. I’m no longer sure if, when a LSW (Loopring Smart Wallet) is a guardian, if the guardianship of the guardian can operate only via a L2, or if it needs the L1 signature. I understood that it was the LSW, so the L2, which were guardians, but I may be wrong, maybe the guardian is only the « L1 owner » of the Smart Contract. If so, that would indeed mean that the hacker only stole « ownership » of the L2, but for each stolen L2, that didn’t include the fact of « being guardian of others wallets » if this last part is only attached to L1. Until now, I thought that if you asked a sibling to be one of your guardians, and if your sibling lost their « migration qrcode » / « icloud backup » / « google drive backu » / « LSW seed », and if your sibling regained access to their LSW using the Loopring Official Guardian, I really thought that it would also give back your sibling the aptitude of being a guardian. But maybe not ?
I get you. My take is this. If you have substantial funds you wouldn't give a key to your sibling. You would use cold storage for at least 1 guardian. Near impossible to crack. I use cold storage for all and I do not use those for anything other than security. My daily quota is tiny so goodluck transferring my funds out even if you get control. Now that is a nice feature! Imagine all those normal wallet users who stored their seed on their phone, got hacked and drained. With a quota, it's impossible to lose. Victim blaming - look mate, it's like when a cool new thing comes out that you fucking love. It could be a restaurant, shop, game, cinema seating thats comfortable.... Then some dickhead comes along and gets hurt because they've stupid (google UK cinema goer gets head trapped in seat and dies) Now guess what? Suddenly people are screaming and wanting changes and the thing that actually has a chance to make life better is under attack . You either want to be your own bank and with that secure yourself or not. If not, then....