Socket, Bungee Restart Operations After Apparent $3.3M Exploit
Interoperability service Socket and its bridging platform Bungee resumed operations after a $3.3 million exploit caused a temporary halt in trading. The exploit targeted wallets with infinite approvals to Socket contracts. Socket paused activity to prevent further propagation of the attack. The wallet linked to the exploit holds nearly $3 million in ether and $300,000 in other tokens. Socket developers have fixed the issue and are planning compensation. Cross-chain bridges like Bungee, which allow users to transfer tokens between different blockchains, are frequently exploited due to their complexity. Earlier in January, an $81 million hack targeted Orbit Chain, another cross-chain bridge. Experts advise consumers to understand the security levels of their chosen bridge.
