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Token Approval Vulnerability Exploited on SwapX and Proxy

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On March 6, PeckShield monitoring showed that two attackers continuously exploited the token approval vulnerability of SwapX and Proxy, and seized about $70000…

Token Approval Vulnerability Exploited on SwapX and Proxy

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

Interpretation of the news:


On March 6, PeckShield monitoring exposed that two attackers had exploited the token approval vulnerability of SwapX and Proxy, which resulted in losing almost $700000 in the past five days. This vulnerability allowed the attackers to bypass the approval process of tokens, and the funds could be easily transferred without any verification.

Token approval is an essential process that ensures the authenticity and validity of a token. In normal situations, token approval requires users to confirm their identity through a verification process to ensure that they are authorized to perform a transaction. The token approval feature allows users to approve certain tokens to be used in transactions, which helps protect users’ investments.

However, attackers exploited this vulnerability on SwapX and Proxy, which allowed them to bypass the verification process and transfer funds without the need for approval. The attackers used this vulnerability to access users’ tokens and transfer them to an unauthorized account. This left users’ investments and funds open to theft.

PeckShield monitored this situation and alerted users to revoke their authorized tokens if they noticed any suspicious activity. The attackers had exploited this vulnerability continuously for five days, which raised the alarm for users to be vigilant of their token approvals.

In conclusion, the token approval vulnerability is a potent tool for attackers to take over users’ investments and funds. PeckShield’s monitoring and mitigation efforts have helped alert users of the vulnerability and reminded them to revoke their authorized tokens if they notice any suspicious activity. Users should pay close attention to their token approvals to avoid being a victim of such attacks in the future.

Keywords such as PeckShield monitoring, attackers, token approval vulnerability, SwapX, and Proxy highlight the severity of the situation and measure users should take to protect their investments. Users must remain cautious and vigilant while authorizing tokens for their transactions to avoid exploitation by attackers.

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