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Compromised Ledger Software Sparks Flash-Crash, FASB Publishes "Fair-Value" Accounting Standards for Digital Assets

Dec 14, 2023
Author
Tom Couture
Tom Couture AC
Market Update U.S. equity indices are mixed following yesterday's FOMC’s meeting, which confirmed board members are forecasting multiple rate cuts throughout 2024. The meeting was more dovish than expected, sparking significant moves down in the DXY and Treasury yields. Crypto markets had a scare this morning when a Ledger software issue was detected (more below) causing Bitcoin to drop over 3% in three minutes, with sharper drops in altcoins. Assets have since recovered most of the move, with $BTC (+0.12%) now trading at $42.9k and $ETH (+1.23%) hovering around $2,290. Decentralized infrastructure tokens are outperforming today, with $HNT and $RNDR rising 18.49% and 10.41%, respectively. As the world becomes increasingly digital, demand for infrastructure services may exceed companies’ scaling capabilities, causing them to explore decentralized solutions.A critical security issue in Ledger’s Connect Kit was found this morning, leaving multiple dApps vulnerable. One of the software libraries that Ledger uses was compromised, allowing malicious code to be uploaded to any dApps using the Connect Kit, subjecting users to potential wallet drains. dApps affected included Balancer, Phantom, RevokeCash, Zapper, SushiSwap, among others. Many projects immediately disabled their fro

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