Following a serious exploit in the Socket protocol that drained $3.3 million, the company has halted specific operations and urged users to revoke all approvals as a precautionary measure.
Socket Responds to $3.3 Million Security Breach With Swift Action and Transparency
Socket, a cross-chain protocol, confirmed the loss of $3.3 million due to an exploit. This incident was acknowledged in a social media post on January 16. Socket, a component in today’s interconnected blockchain ecosystem, facilitates cross-chain interactions and is used in several Web3 applications, including Synthetix, Lyra, Kwenta, Superform, Plasma Finance, and Level Finance.
The exploit targeted users who had granted infinite approvals to Socket contracts. In a post on X the company stated, “Urgent. Socket has experienced a security incident which affected wallets with infinite approvals to Socket contracts.” Socket also swiftly paused the affected contracts to mitigate further damage.
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