Dolomite Exchange Successfully Recovers 90% of Funds Stolen in $1.8 Million Hack
Headline: Dolomite Crypto Exchange Recovers 90% of Hacked Funds with Help from White Hat Hacker
Introduction:
In a surprising turn of events, the Dolomite crypto exchange has managed to recover a substantial 90% of the funds lost in a recent hack, thanks to the collaboration with a white hat hacker. This unexpected partnership not only brought relief to the exchange but also underscored the importance of teamwork and vigilance in addressing such incidents.
A Week of Turmoil:
Last week, Dolomite faced a significant cyber threat when hackers exploited an old contract dating back to 2019, resulting in a loss of $1.8 million or 541 ETH. The breach allowed unauthorized access, enabling the perpetrators to siphon off approximately $1.8 million worth of USDC. The stolen funds were swiftly laundered through the network, converting them into 541.5 ETH and 94,000 DAI.
Vulnerability Exposed:
The breach exposed a critical vulnerability that allowed the attacker to drain funds from any user connected to the compromised contract. This vulnerability originated from a flaw in the approval request system. Dolomite’s developers quickly advised users to cancel all pending approvals associated with the hacker’s Ethereum address.
From Hack to Recovery:
Despite the chaos, Dolomite’s team immediately sprang into action, determined to reclaim the lost assets. Their efforts bore fruit when they sent an on-chain message to the hacker. Surprisingly, the hacker, identified as a white hat hacker, cooperated in returning a significant portion of the stolen funds. The exchange successfully recovered an impressive 90% of the pilfered crypto.
A Win for Dolomite:
The complete recovery of 90% of the stolen funds stands as a significant triumph for Dolomite, demonstrating the effectiveness of prompt action and collaboration in combating cyber threats. This success serves as a reminder of the importance of robust security measures within the crypto industry, given the ongoing risks of fraud and hacking.
Looking Ahead: Stay Alert and Prepared:
As Dolomite works on formulating a comprehensive reimbursement plan and ensuring fair distribution to every victim, users are reminded to remain vigilant in their crypto activities. Only through concerted efforts can user assets be safeguarded, fostering trust and security within the crypto community.
Another Incident Like This:
Super Sushi Samurai (SSS) Hacked for $4.6 Million, Token Crashes
What additional measures do you think exchanges can implement to protect user funds?
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Hack