ParaSwap will start returning crypto after a critical smart contract error
Decentralized finance aggregator ParaSwap has begun returning crypto to users after it resolved a critical vulnerability in its newly launched Augustus v6 smart contract last week.
The DeFi platform team posted on X on March 24, revealing that all assets successfully recovered by white hat hackers and also assets that had been revoked for AugustV6 were returned to wallets.
According to ParaSwap, currently 213 addresses have not yet revoked subsidies for the compromised contract.
Revoking a smart contract involves disabling or terminating functionality on the blockchain and depriving the user of access to their wallets and tokens.
Last week, Paraswap said it had discovered a vulnerability in its newly launched smart contract, but timely intervention by white-hat hackers prevented a major asset loss from the platform.
In a separate update, the group said it has taken the first step by submitting a comprehensive report to the concerned body that has started the investigation into the looted money.
ParaSwap works closely with blockchain analytics and security firms Chainalysis and TRM Labs and is “actively involved in identifying hacker addresses and tracking the movement of funds.”
The group added that they have started communicating with the hacker's addresses through chain mail and urged the user's money to be returned.
If the hacker doesn't respond by March 27, he added, “we will assume you took the money illegally, and we will pursue all criminal, legal and administrative avenues.”
At the time, the damage was said to be minimal, with initial data indicating that the hackers had spent only $24,000 before the vulnerability was discovered.
Related: ParaSwap Augustus v6 Flees From Hack Targeting Contract Vulnerability
ParaSwap discovered the vulnerability in the newly launched Augustus v6 smart contract on March 20, days after the Augustus contract went live on March 18, with plans to improve token exchange and reduce transaction fees.
Once the platform was discovered, the Application Programming Interface (API) stopped in place and made its money through white hat hacking.
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