Socket Protocol Reports Security Breach and Urges Users to Take Action
A recent post from interoperability protocol Socket Protocol has revealed a security breach that affected wallets with infinite approvals to Socket contracts. To prevent any potential loss of funds, Socket strongly advises users to take immediate action.
Exploit Targets Crypto Users with Infinite Approvals
In a series of posts on X (formerly Twitter), Socket explains that the exploit specifically targeted crypto users who had infinite approvals to Socket contracts. It recommends that affected users revoke all approvals until the issue is officially resolved.
Pausing Affected Contracts and Providing Updates
Socket has paused all affected contracts and assures users that no further action is required on their part. The protocol vows to provide regular updates to its users and warns them to be cautious of fraudulent Socket accounts engaging in phishing activities.
Crypto Hacks Exceed $1B in Losses Last Year
Last year saw a significant amount of money stolen through crypto hacks. According to blockchain security firm SlowMist, the total losses from the 10 largest crypto hacks in 2023 exceeded $1 billion.
Notable Hacks in 2023
Mixin suffered a cloud breach resulting in approximately $200 million in losses, while Euler Finance, a decentralized finance lending protocol, experienced a hack that stole $197 million.
Hot Take: Stay Vigilant Against Crypto Scams
As the Socket security breach highlights, it is crucial for crypto users to remain vigilant against potential scams and security threats. Taking prompt action, such as revoking approvals and closely monitoring accounts, can help prevent loss of funds. Additionally, staying informed about recent hacks and following security best practices can greatly enhance the safety of your crypto assets.
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