Loopring Postpones Smart Contract Upgrade After Smart Wallet Hack

IconCryptoNewsTerminal Staff13 Jun, 2024

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Loopring Postpones Smart Contract Upgrade After Smart Wallet Hack

Loopring, an Ethereum Layer2 ZKrollup protocol, has postponed its planned smart contract upgrade. The upgrade was originally scheduled for December 12th (local time) but has been delayed due to a hack of Loopring's smart wallet on December 10th. Loopring has not yet announced a new date for the upgrade. The hack of Loopring's smart wallet resulted in the theft of over $1 million worth of cryptocurrency. Loopring is still investigating the hack and has not yet released any details about how it occurred. The postponement of the smart contract upgrade is a setback for Loopring, but it is also a reminder of the importance of security in the cryptocurrency industry. Loopring is taking steps to improve the security of its platform, and it is expected that the smart contract upgrade will be rescheduled once these measures have been implemented.

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