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Damages from the Socket protocol hacking attack totaled $3.3 million

DeFi: Damages from the Socket protocol hacking attack totaled $3.3 million

The Socket protocol team recently announced that it was the victim of a malicious hacker attack that resulted in the loss of various assets worth $3.3 million.

The attack was carried out using the #Bungee bridge aggregator. The first to discover the hackers' actions were users of the social network X, formerly known as Twitter.

An anonymous analyst under the nickname Spreek took to the platform to draw attention to the ongoing attack.

Spreek, acting as a vigilant expert, immediately alerted the community and advised everyone to revoke all Socket-related permissions. Remarkably, less than an hour after Spreek's alert, the attack stopped.

According to analytics platform PeckShield, the hackers were able to exploit a vulnerability in the system's data validation process. Taking advantage of this weakness, the attackers were able to infiltrate the system and abscond with the funds.

Socket representatives confirmed the attack and admitted that the protocol faced a security issue. According to the company, the incident primarily affected wallets with endless contract approvals.

The project team is currently conducting a thorough analysis of the situation and making efforts to recover the stolen funds. Subsequently, Socket representatives announced the resumption of the protocol.

It is worth noting that the Socket team through its official Twitter account warned users about the presence of fake accounts in the comments section of posts related to the hack.

Recall that #Socket had earlier successfully raised $5 million in strategic funding in a recent investment round.

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