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 <p class="is-style-lead">Fraudsters have <a rel="noopener noreferrer nofollow" title="breached" href="https://thebittimes.com/tag/breached.html">breached</a> the security system of the Socket <a rel="noopener noreferrer nofollow" title="cross-chain" href="https://thebittimes.com/tag/cross-chain.html">cross-chain</a> <a rel="noopener noreferrer nofollow" title="protocol" href="https://thebittimes.com/tag/protocol.html">protocol</a>.</p>
 <p>A security breach of the Socket protocol has led to the loss of millions in crypto after a hacker made use of a verification user input to steal users funds.</p>
 <p>Information about the hack appeared on the project’s microblog.</p>
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  <p>“Socket has experienced a security incident that affected wallets with infinite approvals to Socket contracts. We have identified the issue &amp; have paused the affected contracts.”</p> <cite>Socket team</cite>
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 <p>PeckShield confirmed that at least $3.3 million was affected. They noted that the hack occurred due to incomplete verification of user input, which is used to steal <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a> from users who approved the vulnerable SocketGateway contract on the site.</p>
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    <p lang="en" dir="ltr">Today's hack on @SocketDotTech results in the loss of &gt;$3.3m. <br><br>The bad route exploited in the hack was added 3 days ago and is now disabled. Here are related txs: <br>– add route tx: https://t.co/lxw7iA1kn4<br>– disable route tx:https://t.co/QMHfI4YeuU<br><br>The hack is due to… https://t.co/QdBBgVF287 pic.twitter.com/yNxF5vCwax</p>— PeckShield Inc. (@peckshield) January 16, 2024
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 <p>After discovering the problem, the developers suspended the protocol. As of the time of writing this review, Socket is working.</p>
 <p>The developers reported fixing the intelligent contracts that led to the exploit. The project team promised to return <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a> to all victims.</p>
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    <p lang="en" dir="ltr">Socket is now operational again. <br><br>The affected contract has been paused and damage is fully contained. <br><br>Bridging on @BungeeExchange and most of our partner frontends has resumed. <br><br>A detailed post mortem and next steps will follow shortly.</p>— Socket (@SocketDotTech) January 17, 2024
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 <p>Since the beginning of the year, the cryptocurrency industry has already faced several security incidents. In early January, the Radiant Capital Lending Protocol was hacked for 1,900 ETH worth about $4.5 million. PeckShield explained that the attackers took advantage of the time window that appears during the activation of a new lending market.</p>
 <p>Orbit Bridge, a gateway bridge protocol, also experienced an unusual outflow of $81.5 million across multiple cryptocurrencies as a result of a major hack.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Crypto hacks in December push total losses close to $100m
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/socket-cross-chain-protocol-breached-3-3m-in-funds-stolen-tbt76808.html">https://thebittimes.com/socket-cross-chain-protocol-breached-3-3m-in-funds-stolen-tbt76808.html</a></p>

Socket cross-chain protocol breached, $3.3m in funds stolen

TheBitTimes

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