Socket Recovers 1032 ETH Following Security Breach

The team behind the cross-chain bridge aggregator Socket has recovered 1032 ETH (equivalent to $2.3 million at current prices) that were lost due to an exploit in the Bungee protocol last week.

FUND RECOVERY UPDATE

We have successfully recovered 1032 ETH from the funds involved in the incident on 16th Jan.

We will release a recovery & distribution plan for users soon.

Big shoutout to everyone who helped us from Seal911, Slowmist, Hexagate, & others:@samczsun…

— Socket (@SocketDotTech) January 23, 2024

The company has promised to soon publish a recovery and distribution plan for users.

The Socket team also expressed gratitude to blockchain security researchers for their assistance.

Earlier, the incident on January 16 affected wallets with infinite contract approvals. The attack resulted in a $3.3 million loss for the protocol.