After a recent exploit, the Socket blockchain protocol recovered 1032 Ethereum (ETH).
In a recent post on January 23, the Socket team stated that they were able to recover 1,032 ETH (2.3 million at current exchange rates) after exploiting the Bungie Bridge protocol last week.
“We successfully recovered 1,032 ETH from funds related to the January 16 incident.”
socket team
Socket also promised to come up with a recovery and deployment plan for users.
Details about the restoration are not yet known. At the time of writing, Socket users have also made no mention of recovering stolen assets. The project team urged community members to be careful not to click on unofficial links and to trust only trustworthy sources.
Last week, a wallet with infinite permissions for socket contracts experienced a security breach. In response, the project suspended the affected contracts, but at least $3.3 million in funds were stolen, according to blockchain security company PeckShield.
This exploit is caused by incomplete user input validation that steals funds from users who have accepted vulnerable SocketGateway contracts.
Recovering socket assets after a hack is rare. Typically, scammers cover their tracks and make it nearly impossible to return assets. However, in August 2023, Cypher Protocol was able to recover approximately 50% of stolen client assets worth $600,000 within 10 days of the hack. The company also announced a buyback plan to distribute remaining assets to users affected by the hackers.