Continuous Exploitation of Token Approval Vulnerability: A Reminder to Revoke Authorization

03/06/2023 07:48 • Blockchain Buzz • 159 views

On March 6, PeckShield monitoring showed that two attackers continuously exploited the token approval vulnerability of SwapX and Proxy, and seized about $700000 in the past five days. If the user has been authorized, please revoke it in time.

PeckShield: Attackers have made a profit of about $700000 by taking advantage of SwapX and Proxy vulnerabilities

Interpret the above information:

A recent report by PeckShield has highlighted the continuous exploitation of token approval vulnerability by two attackers on SwapX and Proxy. As per the monitoring data, the attackers have seized approximately $700,000 in the last five days alone. This is a critical reminder for users to revoke authorization in time to avoid such attacks.

Token approval vulnerability refers to the authorization process for external contracts to access a user’s funds. This is an essential feature in DeFi protocols as it enables seamless swapping of tokens while providing liquidity. However, attackers can take advantage of this feature by tricking a user into authorizing a rogue contract, allowing them to gain access to the user’s funds.

In this case, the attackers used this vulnerability to continuously exploit the SwapX and Proxy protocols. They exploited the token approval vulnerability to create fake swap orders, transferring tokens from the victim’s account to the attacker’s account. As per reports, the attackers were able to siphon off funds worth $700,000 in just five days.

Therefore, PeckShield urges users to revoke authorization in time to avoid such attacks. If the user has authorized a contract in the past, it is crucial to check the contract’s activity and verify any suspicious activity. Additionally, users should remain vigilant when interacting with new contracts and protocols.

In conclusion, the continuous exploitation of token approval vulnerability by attackers is a grave concern for the DeFi industry. As more funds flow into these protocols, it becomes increasingly important to remain vigilant and take appropriate measures to secure funds. This includes revoking authorization for any suspicious contracts or protocols.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/9813.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.