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.
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Author: Ciaran Lyons
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