ParaSwap has begun returning cryptocurrency assets to users who revoked access permissions to the AugustusV6 smart contract following the discovery of a critical bug last week.
Cryptocurrency return after vulnerability fix
This decentralized financial services aggregator recently dealt with a serious security issue in its newly introduced Augustus version 6 smart contract, after which the refund process commenced. According to a statement released on March 24, the majority of assets have been returned thanks to the efforts of white hat hackers who assisted with the recovery, and all permissions to AugustusV6 have been revoked.
ParaSwap noted that 213 addresses have yet to revoke permissions to this faulty contract.
Asset security and protection
ParaSwap informed about the vulnerability in its new contract, and quick intervention by cybersecurity experts prevented major losses. A subsequent statement mentioned that a detailed report has been filed to relevant institutions, initiating an investigation into the situation.
The company is working with analytics and security firms Chainalysis and TRM Labs to identify attackers and track stolen assets.
Active communication and call for return
The ParaSwap team is actively communicating with hackers and urging them to return stolen assets, with a threat of legal action if there is no response by March 27.
Although losses were deemed minimal, with a stolen amount of only $24,000, the vulnerability disclosure underscored swift reaction and preventive measures by the platform.
Prevention and improvements post-disclosure
Following the vulnerability discovery on March 20, shortly after the launch of the new contract on March 18 aimed at optimizing token swaps and reducing transaction fees, ParaSwap immediately responded by suspending its API and securing assets with the help of white hat hackers.
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