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CybersecurityRestitution Promised for Victims of Socket Bridge

Restitution Promised for Victims of Socket Bridge

Socket Tech Announces Compensation Plan After Security Incident

Socket Tech, a blockchain interoperability protocol, has revealed a compensation plan for users affected by the security incident that occurred on January 16. The incident impacted 232 users, resulting in approximately $3.3 million in losses.

After negotiations with the hacker, Socket Tech has recovered 1032 ether (ETH), equivalent to about $2.3 million. To make up the remaining difference in USD terms, the team is distributing $1.1 million to affected wallets. Users need to sign an on-chain message to prove wallet ownership for reimbursement.

The exploit targeted users who had granted unlimited approvals to tokens in their wallets, highlighting the importance of secure practices in DeFi. The recovery effort involved collaboration with security researchers Seal911, Slowmist, and Hexagate.

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