In a swift response to recent security breaches, Socket Protocol was able to successfully acquire a significant portion of the compromised assets.Cross-chain bridge service announces restoration $2.3 million in Ether — A significant advance accounting for more than 60% of the total amount of $3.3 million fraudulently siphoned off.
The breach, which affected 219 users, was quickly contained through rapid bug isolation through protocols and service restoration within one day. Socket Protocol expressed its gratitude to its on-chain analysts who played a pivotal role in recovering the stolen Ether.
Key Point:
- quick recovery: Socket Protocol efficiently recovered $2.3 million in stolen Ether.
- Impact on users: 219 users were affected by the exploit and the protocol is preparing to announce a compensation strategy for its users.
- attack vector: Hackers exploited a token authorization vulnerability to target wallets with unrestricted socket contract authorization.
In the aftermath of the attack stemming from the token authorization exploit, Socket advised users to revoke outstanding authorizations to prevent further losses. His data analytics company PeckShield identified insufficient validation of user input as the root cause.
In addition, the Socket Protocol warned of post-hack phishing attempts as criminals distributed links to malicious applications under the guise of the protocol.