Socket Protocol Faces Security Breach, Urges Users to Take Action

In a recent post to its followers, interoperability protocol, Socket Protocol, reported a security breach and strongly recommended users to promptly take action to prevent any potential loss of funds.

“Socket has experienced a security incident which affected wallets with infinite approvals to Socket contracts,” a post states.

Socket Attack Advises Users to Take Action, Amid Security Breach

In a recent thread of posts on X (formerly Twitter), Socket explains that the exploit specifically targeted crypto users who had infinite approvals to Socket contracts. It urged users who think they may be affected to shut down approval permissions, until the issue is officially resolved.

“Due to the recent exploit, Socket urges all users to revoke all approvals to prevent loss of funds.”

Just before this, it clarifies that it has paused all affected contracts. Additionally, assuring users that no further action is required on their part.

According to data from Dune, the victim who saw the highest loss from the attack so far, experienced a loss of $656,945.

However, Socket vows to provide regular updates to its users. Furthermore, it cautions them to be vigilant for fraudulent Socket accounts in the replies of the X thread, which are attempting to engage in phishing activities.

Read more: 15 Most Common Crypto Scams To Look Out For

Crypto Hacks Exceeded $1B in Losses Last Year

This comes after it was revealed that 2023 saw a massive amount of money stolen through crypto hacks.

On January 12, BeInCrypto reported that blockchain security firm SlowMist’s estimate that total losses from the 10 largest crypto hacks in 2023 totaled over $1 billion.

Mixin suffered a cloud breach that cost clients about $200 million. The organization arranged to compensate for 50% of losses. The second-largest hack stole $197 million from the decentralized finance lending protocol, Euler Finance.

Read more: What Is a Rug Pull? A Guide to the Web3 Scam