Socket Protocol Loses $3.3 Million Following Confirmed Approval Exploit

A attacker drained funds Since users WHO had previously do infinity approvals has A Socket contract.

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Cross chain protocol Socket has has been exploited, And $3.3 million has has been drained Since contracts partner with he, according to has A Jan. 16 social media job Since THE team. Socket has on break all contracts has prevent further losses.

Urgent

Socket has experimented A security incident which affected wallets with infinity approvals has Socket contracts.

We to have identified THE issue & to have on break THE affected contracts.

Were functioning on THE situation & will keep You informed with regular updates & following steps.

— Socket (@SocketDotTech) January 16, 2024

"Urgent. Socket has experimented A security incident which affected wallets with infinity approvals has Socket contracts”, THE job declared. "We to have identified THE issue & to have on break THE affected contracts. »

Socket East A cross chain Infrastructure protocol used by a lot Web3 applications, including Synthetix, Lyre, Kwenta, Super form, Plasma Finance And Level Finances.

Blockchain analyst Spreekaway reported THE incident Since their X account. According to has them, THE attacker used A token approval Since A Ethereum address END In 97a5 has to carry out THE exploit. Spreekaway recommended that users revoke all approvals Since This address, which they claim watch up as "Socket: Bridge" on Etherscan. Socket claims that he on break contracts And that "users don't do it need has TO DO ANYTHING."