Ethereum

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/socket-protocol-recovers-majority-of-stolen-funds-after-hack" rel="noopener noreferrer nofollow">Socket Protocol Recovers Majority of Stolen Funds After Hack</a> 
The cross-chain bridge protocol Socket has successfully recovered two-thirds of the funds withdrawn in a recent <a href="https://en.bitcoinhaber.net/crypto-security-firm-certiks-official-account-targeted-by-hackers" rel="noopener noreferrer nofollow">hack</a>. An official post from Socket’s X account announced the retrieval of $2.3 million worth of 1,032 Ethereum out of the stolen $3.3 million in crypto assets. Socket stated that a recovery and distribution plan for users will be released soon.
The recovery was aided by multiple blockchain data analysis accounts, which Socket thanked. The hacker initiated the attack on January 16 using a token approval from an Ethereum address ending in 97a5. The attack exploited wallets that had given unlimited approvals to Socket contracts.
The vulnerability affected 219 users, resulting in a net loss of approximately $3.3 million. The interoperability protocol detected and rectified the error within hours of the attack, and the bridge was operational again within 24 hours.
The attacker utilized an excessive approval vulnerability on the Socket platform to drain assets until reaching each user’s authorized limit. The attacker took advantage of unbridged and previously approved balances. Users needed to cancel authorizations to avoid losing these unused limits.
According to blockchain data analysis firm PeckShield, the hack stemmed from inadequate validation of user input, impacting users who had approved the vulnerable SocketGateway contract. PeckShield added that the malicious gateway was added three days before the attack. Phishing scammers also used a fake Socket account to lure users into canceling their approvals through another malicious application.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/socket-protocol-recovers-majority-of-stolen-funds-after-hack" rel="noopener noreferrer nofollow">Socket Protocol Recovers Majority of Stolen Funds After Hack</a></h5>

Socket Protocol Recovers Majority of Stolen Funds After Hack

BH NEWS

Các bài viết khác được xuất bản trên 24 thg 1, 2024

Cryptocurrencies set to reach $1,000 in 2024

Video game Doom from 1993 game goes live on Dogecoin blockchain

University of Johannesburg Implements Facial Recognition for Student Verification

DORA Price Prediction: Will DORA Stretch Reversal to $0.2000?

70% of Crypto Asset-Related Communications Violate Rules: FINRA

Aleph Group appoints Stanislaus Martins as managing director for West Africa

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!