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The post Dolomite Exchange Recovers 90% of Stolen Funds Post the $1.8 Million Hack appeared first on Coinpedia Fintech News
In a remarkable incident, the Dolomite crypto exchange has managed to reclaim 90% of the funds that had been lost in a recent hack through a white hat hacker. The exchange declared the recovery and admitted its gratitude for the cooperation of white hack, promising the upcoming distribution strategy for every victim.
The hack happened last week when the hackers crashed the contract dated back to 2019. The attack resulted in $1.8 million stolen, equivalent to 541 ETH, from the exploited contract. The breach offered unauthorized access that enabled the stealing of approximately $1.8 million worth of USDC which was later washed into the network by swapping them in 541.5 ETH and 94,000 DAI.
The exposing loophole allowed the attacker to drain funds from any affiliate user associated with the contract. The vulnerability was the approval functional request, which forced Dolomite developers to rush in and advise users to first cancel all the pending approvals attached to the hacker’s Ethereum address.
White Hat cooperates to return the stolen funds
With huge efforts from the team, they sent an on-chain message to the hacker which turned out to be a white hack for the cooperation with return of funds. It turned out to be fruitful and the exchange was able to claim back 90% of the crypto.
The complete 90% recovery of the stolen funds represents a definite success for Dolomite. This success highlights how crucial precautionary take is for the crypto industry concerning threats such as fraud or hacking. While the firm is busy releasing a reimbursement plan and has promised to distribute every single victim, users are advised to stay vigilant in their crypto endeavours.
With the rise of the crypto industry, exchanges and platforms must stay alert and implement strong security measures so that user assets are protected and users remain in the trust.
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