Breaking: SwissBorg Crypto Platform Hacked for Over $41M Amid Massive Supply Chain Attack

The post Breaking: SwissBorg Crypto Platform Hacked for Over $41M Amid Massive Supply Chain Attack appeared first on Coinpedia Fintech News

Crypto asset holders are under siege today as on-chain sleuths reported the largest supply chain attack potentially affecting all blockchains. Charles Guillemet, the CTO at Ledger, announced the massive supply chain attack, which has been in progress and likely still in effect. 

Guillemet noted that the NPM account of a reputable developer has been compromised, with the affected packages consisting of more than 1 billion downloads. With the entire JavaScript ecosystem likely at risk, Guillemet has cautioned crypto users to refrain from making any transactions for now. 

“If you use a hardware wallet, pay attention to every transaction before signing and you’re safe. If you don’t use a hardware wallet, refrain from making any on-chain transactions for now. It’s still unclear whether the attacker is also stealing seeds from software wallets directly at this stage,” Guillemet noted.

Crypto Developers’ Response to Today’s Supply Chain Attack

According to MetaMask developers the massive supply chain attack, which has a malicious code attempting to steal users’ funds in several ways, has not affected its customers. 

“The malicious code attempts to steal crypto in a variety of ways. However, we have not seen any reports of crypto actually being stolen. We will continue to monitor closely. As always, stay safe and don’t click links,” MetaMask team noted.

Meanwhile, crypto developer Rezo stated that the use of software execution creates an inevitable point of failure thus advocating for cryptocurrency holders to use hardware wallets.

Was SwissBorg a Victim?

Earlier on Monday, on-chain security analyst ZachXBT reported that Switzerland-based crypto platform SwissBorg was hacked for 192,600 Solana (SOL) coins, valued at nearly $42 million. According to SwissBorg, its partner API was compromised, thus impacting the SOL Earn Program.
At the time of this writing, there was no direct connection between the two hacks.

Meanwhile, SwissBorg announced that it plans to make all impacted customers whole again.