Bridge protocol exploit leads to recovery of 1,032 ETH for Socket
After a recent incident, the Socket blockchain protocol has successfully retrieved 1032 Ethereum (ETH).
In a post published on January 23, the Socket team announced that they have managed to recover 1,032 ETH, which is equivalent to 2.3 million dollars at current rates. This recovery comes after an exploit in the Bungee bridge protocol occurred last week.
Socket has also assured its users that they will present a detailed plan for the recovery and distribution of the retrieved assets.
The specifics of the restoration process have not been disclosed. As of now, Socket users have not shared any comments regarding the recovery of their stolen assets. The project team has urged community members to exercise caution when clicking on unofficial links and to only trust reputable sources.
Last week, a security incident impacted wallets that had granted infinite approval to Socket contracts. In response, the project temporarily suspended the affected contracts. However, according to blockchain security company PeckShield, at least $3.3 million worth of funds were stolen.
The exploit occurred due to incomplete user input validation, which allowed the theft of funds from users who had approved the vulnerable SocketGateway contract.
Recovering assets after a hack is a rare occurrence. Usually, perpetrators are able to cover their tracks, making asset recovery nearly impossible. However, in August 2023, the Cypher Protocol successfully retrieved around 50% of stolen client assets, totaling $600,000, just 10 days after the hack. The company also implemented a redemption plan to distribute the remaining assets to the affected users.
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