ParaSwap successfully resolves bug in Augustus V6 contract, initiates the process of returning cryptocurrency to users.

Decentralized finance aggregator ParaSwap has successfully resolved a critical vulnerability in its Augustus v6 smart contract and has started returning crypto assets to affected users. The bug in the smart contract, which was introduced on March 18 to enhance swapping efficiency and reduce gas fees, allowed hackers to drain funds if approved. The ParaSwap team has already returned all recovered assets and revoked permissions to Augustus v6. However, 213 addresses still need to revoke their allowances to the compromised contract. To prevent any further loss, ParaSwap has paused its API and secured at-risk funds through a white hat hack. The platform has also submitted a detailed report to relevant authorities and is actively collaborating with blockchain analytics and security firms to identify the hackers and trace the movement of the stolen funds. If the hackers do not respond by March 27, ParaSwap plans to pursue legal means for recovery. Preliminary data suggests that the hackers managed to steal $24,000 before the vulnerability was discovered. This incident highlights the ongoing challenges in ensuring the security of blockchain and DeFi platforms. Previous breaches, such as the one on Shido’s layer-1 blockchain and the exploit targeting the TIME token, serve as reminders of the risks involved.