Weekend Recap Loopring 5M hack Bitcoin NFT weekly sales increase and other highlights

Loopring faced a $5 million hack due to a compromised 2FA system
Loopring, an Ethereum zero knowledge-rollup protocol, disclosed on Sunday that it experienced a security breach of $5 million through its two-factor authentication service called “Guardian” for its smart wallets application.
In a post on June 9, Loopring revealed that the attacker was able to compromise the project’s 2FA service, enabling them to trigger a recovery process that reset wallet ownership and allowed the withdrawal of assets.
The project identified two wallet addresses associated with the exploit. Etherscan data indicates that one of the wallets holds over $5 million in cryptocurrencies.
Loopring’s Guardian service permits users to select trusted wallets to aid in restoring seed phrases or securing hacked wallets.
The project mentioned that the exploiter somehow compromised Loopring’s “Official Guardian” and initiated the recovery process on wallets using only that guardian.
“We are actively working with Mist security specialists to determine how our 2FA service was breached,” Loopring stated. Additionally, they are collaborating with law enforcement to apprehend the perpetrator.
The project temporarily suspended Guardian and 2FA-related activities, preventing further compromises.
Bitcoin NFT sales volumes rise weekly
Sales volumes of nonfungible tokens (NFTs) surged by 18.9% weekly, driven by the sales of NFT-like Bitcoin Ordinals.
In the past seven days, NFT sales volumes reached $147.3 million, with Bitcoin-based NFT sales soaring by over 57% to almost $49.7 million, according to CryptoSlam! data.
Ethereum NFTs came in second in terms of sales volumes at nearly $35.6 million, albeit experiencing a slight 2.35% decline from the previous week.
Blockchains like Polygon, Immutable, and Blast were among the top ten blockchains by weekly sales volume to record double-digit percentage growth.
Blast saw a significant increase of over 95% to surpass $4.6 million in volume, largely due to the success of the crypto influencer NFT trading card game fantasy.top, which doubled its volumes from the previous week to $3.85 million.
Other notable movers included Polygon’s Moon Girl NFTs, reminiscent of Milady, which surged by 643% to almost $5.8 million, and Immutable’s Guild of Guardians game, which experienced a 22% increase to reach $7 million.
The top seller for the week was a new BRC-20 token named PIZZA, generating $19.3 million in sales.
Uniswap founder advocates for flexible Ethereum L2s
Hayden Adams, the founder of Uniswap, believes that Ethereum scaling layer-2 blockchains should prioritize flexibility over immutability until the Ethereum blockchain is adequately prepared.
Adams expressed in a post on June 9 that Ethereum L2s should not be immutable as the Ethereum blockchain is not yet ready for such a feature after ten years.
He emphasized the importance of allowing layer 2 networks to upgrade and avoid mass migrations to maintain the interconnected nature of users and applications on the L2 chain.
Adams responded to criticisms from NFT marketplace Rarible’s ecosystem lead, Jonathan Colón, regarding layer 2 networks being labeled as a “money grab,” stating that the development of L2s is crucial for scaling Ethereum.
He stressed that building layer 2 networks is costly and not funded by the L1, and that changing the roadmap to make them work efficiently is preferable to calling them cash grabs or insisting on immutability.
In other news, Friend.tech, the crypto social media platform on Base, is developing its blockchain called Friendchain, sparking curiosity among many users. Additionally, China’s Alipay app now features an artificial intelligence bot that can detect baldness.
Magazine: Bots and airdrops contribute to Ronin becoming the second blockchain for daily users, much to the delight of Not Pixels fans.