Loopring Team Announces Hack and NFT Sales Increase

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Loopring announced on June 9 that it suffered a $5 million security breach in its Guardian two-factor authentication service for its smart wallet application. NFT sales volumes recorded a weekly increase of 18.9%, supported by Bitcoin Ordinals sales. Uniswap founder Hayden Adams made statements regarding Ethereum Layer-2 blockchain networks. We have compiled the notable developments of the past week for you.

Loopring Team Announces Hack

Ethereum zero knowledge-rollup protocol Loopring announced on June 9 that it suffered a $5 million security breach in its Guardian two-factor authentication service for its smart wallet application.

In a post dated June 9, Loopring stated that the attacker compromised the project’s 2FA service, allowing them to initiate a recovery process that reset wallet ownership and permitted asset withdrawals. It shared two wallet addresses it claimed were involved in the attack. Etherscan data shows one wallet holding over $5 million in cryptocurrency.

NFT Sales Increase

NFT sales volumes recorded a weekly increase of 18.9%, supported by Bitcoin Ordinals sales. Seven-day NFT sales volumes reached $147.3 million; Bitcoin-based NFT sales rose by over 57% to approximately $49.7 million. NFTs on the Ethereum network had the second-highest sales volume at around $35.6 million but saw a slight weekly decrease of 2.35%. Polygon, Immutable, and Blast were among the top ten blockchains with double-digit percentage growth in weekly sales volume.

Blast saw a volume increase of over 95%, reaching over $4.6 million, largely thanks to the NFT card game Fantasy Top. This game doubled its volume from $3.85 million the previous week. Other significant moves included Polygon’s Moon Girl NFTs, reminiscent of Milady, which rose by approximately 643% to $5.8 million, and Immutable’s Guild of Guardians game, which increased by 22% to $7 million.

Notable Statements from a Famous Figure

Uniswap founder Hayden Adams stated that Ethereum Layer-2 blockchain networks should not focus on immutability until the Ethereum mainnet is ready:

“Ethereum Layer-2 networks should not be immutable. It’s been 10 years, and Layer-1 is not ready to be immutable.”

He added that it is unreasonable to expect Layer-2 networks to never upgrade or force mass migrations again. The Ethereum Foundation stated that Layer-2 networks have a scalability plan, which led to Jonathan Colon of the NFT marketplace Rarible calling Layer-2 networks a money trap.

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