Continuous Exploitation of Token Approval Vulnerability of SwapX and Proxy

03/06/2023 07:48 • Metaverse Matters • 136 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

Analysis based on this information:

PeckShield, a blockchain security company, detected a continuous exploitation of token approval vulnerability of SwapX and Proxy, resulting in the loss of about $700000 in the past five days. The attackers leveraged a weakness in the smart contracts of SwapX and Proxy, allowing them to approve a token transfer without the owner’s authorization.

Token approval is a crucial step in the process of token transfer. Before any transfer can occur, the owner of the token must authorize the sender to initiate the transfer. Without approval from the owner, the transfer cannot proceed. However, the attackers were able to bypass this process by exploiting a vulnerability in the smart contracts of SwapX and Proxy.

The continuous exploitation of the token approval vulnerability is a reminder of the security risks associated with smart contracts. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Once deployed on the blockchain, these contracts are immutable and cannot be changed. Any vulnerability in the code can be exploited by attackers to gain unauthorized access to the system.

PeckShield has urged users who have been authorized to revoke their authorization immediately to prevent further exploitation of the vulnerability. It is also advisable for users to keep up to date with any security alerts from their service providers and to be cautious when engaging in any blockchain-related transactions.

In conclusion, the continuous exploitation of the token approval vulnerability of SwapX and Proxy highlights the importance of security in the blockchain ecosystem. Blockchain companies must prioritize cybersecurity measures to prevent unauthorized access to users’ funds. Users, in turn, must exercise caution and take proactive measures to protect their assets.

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