Although Loopring markets its wallet application as “Ethereum’s most secure wallet”, that’s evidently a pretty low bar. They disclosed that they had suffered a breach in their wallet recovery service, which allows individuals to designate trusted entities to recover assets or freeze compromised accounts. An attacker was able to “recover” assets from wallets that had only designated a single Loopring guardian, pilfering at least $5 million.Loopring announced that they had suspended their account recovery operations, and were working with law enforcement to trace the attackers.

Total loss estimated at $5,000,000.