The XRP Ledger Foundation has identified a severe vulnerability in the JavaScript library used for the XRP Ledger blockchain, discovered on April 22 by Aikido. Hackers had introduced a backdoor aiming to steal private keys. The Foundation quickly patched the vulnerability; however, the XRP token saw gains despite the breach, reflecting strong market confidence and institutional interest.
In a recent discovery, the XRP Ledger Foundation has flagged a significant security flaw within the JavaScript library that’s used to interface with the XRP Ledger blockchain. This warning came out from a blog post by Aikido on April 22, where it mentioned that the library had been infiltrated by hackers who planted a backdoor. This malicious backdoor is particularly concerning as it could lead to the theft of cryptocurrency private keys and unauthorized access to wallets.
The JavaScript library, crucial for developers working on the XRP Ledger, is separate from the actual blockchain network. Aikido went on to emphasize the potential risks, stating, “This package is used by hundreds of thousands of applications and websites making it a potentially catastrophic supply chain attack on the cryptocurrency ecosystem.”
In response to this threat, the XRP Ledger Foundation moved quickly to upgrade their code repository, effectively eliminating the compromised version, according to their communication on the X platform. Fortunately, projects in the XRP ecosystem like XRPScan, First Ledger, and Gen3 Games confirmed they were not affected by this security breach.
Despite the security hiccup, the XRP token saw a positive trading day, finishing up over 3.5%, as noted by CoinGecko. At this time, the token boasts a market cap exceeding $125 billion, with a fully diluted value nearing $215 billion.
Since its launch back in 2012, the XRP Ledger has carved out a niche for itself within payments and decentralized finance applications, mostly directed toward institutional clients. With a burgeoning friendly regulatory environment in the U.S., there’s been a noticeable uptick in institutional interest in both the network’s token and its projects.
The XRP price has been on quite the rollercoaster since the November election of crypto-friendly Donald Trump, skyrocketing by over 300%. Following this surge, asset managers are eyeing the U.S. Securities and Exchange Commission (SEC) to greenlight ETFs that would include the XRP token. The excitement in the market was further fueled the day before this revelation, as Coinbase added futures contracts for XRP on its U.S. derivatives exchange.
The XRP Ledger Foundation’s alert about the JavaScript library backdoor highlights a major security concern in the crypto world. Even with these vulnerabilities, the XRP token’s market shows resilience, reflecting strong institutional interest. As regulatory conditions improve for cryptocurrencies, XRP appears poised for further growth despite recent challenges.
Original Source: cointelegraph.com
