Socket protocol loses $3.3 million in exploit, details here
Another day, another hack
The hack, as reported by the Socket Protocol team, occurred on the 16th of January. To mitigate the risk, Socket has disabled the compromised smart contract.
Looking at the finer details
PeckShield, a blockchain security firm, shed light on the technical aspects of the breach. The hacker exploited the incomplete validation of user input. This meant that the hacker found a weakness in the system that checks information from users.
Turning it into ETH
In terms of impact, approximately 230 users were affected by the malicious transactions on the Socket Gateway contract. The total loss amounted to $3.3 million, primarily involving assets such as USDC, USDT, WBTC, DAI, and WETH.
