Tether freezes the address of the laser absorber!

We know USDT has gained quite a reputation as a good quality stablecoin. But recently it freezes the address of the laser absorber. Because a security breach occurred and the intervention came in the wake of that, it resulted in a significant loss of funds across multiple decentralized applications (dApps). And for all these reasons such steps have been taken. Because we all know that cryptocurrency is still relatively new. And many hackers are constantly trying to hack these digital resources by exploiting them. Every now and then we hear about the incidents of various hacks or scams which have become a common occurrence online.

Recent Laser Connect Kit hacks have occurred. Hacker steals around $500,000 through a wallet drainer. A few hours after this amount of money was stolen, there was a standstill on social media. And following the incident involving this hacker, Tether actively froze the hacker's address. Basically the story of these stolen assets is that Tether actively limits the address of the hacker. Such steps are taken mainly to protect users' money and also to prevent transactions of assets that have been stolen. However, such actions have been taken when security has been breached and this has led to the loss of funds across multiple decentralized applications (dApps) and increased security concerns for these decentralized applications or users.

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Malicious code was injected into the ConnectKit library and this breach occurred as a result of this malicious code injection. In all these cases, Ledger Hardware Wallet is an important component used by various crypto applications to integrate with the Ledger Wallet service to enjoy the benefits of this type of criminal activity and to ensure the security of users. The code inserted here allows for a wallet drainer exploit. Unauthorized fund transfers from users' wallets are possible only when they are connected to affected dApps.

Some of these decentralized applications have been compromised. Compromised dApps include well-known platforms such as SushiSwap, Zapper, Balancer, etc. Generally users were requested to link their wallets to these dApps to keep these digital assets secure. This allows attackers to withdraw funds from their accounts

The Ledger team quickly detects exploits and removes this malicious code. However, the Laser team later acknowledged their problem. But they have issued an instruction for users to follow the advice of the Ledger team till further notice. That's why they recommend avoiding using any dApps that use Connector Kit. Because using them can still be risky because the vulnerabilities that existed here can still allow unauthorized fund transfers. So they requested the users to follow this advice. Ledger's hardware wallet and Ledger Live app were not compromised in this incident. However, users still need to be careful to avoid such losses.

Also, users should be careful to avoid interacting with dApps for now. Because such incidents are very common online based incidents. Therefore, the Ledger team is taking various steps to ensure the security of users' digital assets. And in view of such incidents, Tether has actively frozen the hacker's address.