Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Decentralized Exchanges (DEX) => Topic started by: Gladitorcomeback on January 17, 2024, 05:19:06 AM
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Bungee exchange which is widely used for bridging to multiple chains are hacked. All user who gives unlimited approval or more than their need has been targeted amd their wallets drain now. If you have ever used bungee exchange then you should check your wallet approval and revoke it ASAP.
So far 3 million million dollars has been stolen but still lot of user are not aware of it and maybe final stolen fund will be more than this Although team has paused the contract to avoid further loss.
News Source (https://twitter.com/RevokeCash/status/1747352408022245790?t=yqSdQNeUT6guYswU7rAiCg)
How to revoke?
Go to Revoke.cash , connect wallet, check unlimited approval and revoke. Do it in all chain one by one manually.
Lesson from this hack?
▪️Don't gives approval to dex more than you swap
▪️ On notification for major crypto news channel
Note: I posted already in BTT but it also important so that our new home community should also be aware of it.
BTT Link (https://bitcointalk.org/index.php?topic=5481848.new#new)
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Hacking these DEXs as if they were a children's game will make trust in all decentralized future very difficult, especially since these DEXs are the weak point in DeFi system. Giving too many permissions and collecting all currencies in one wallet is a mistake. It is true that gas fees are somewhat high, but using more than one wallet and each wallet containing a small amount is better than linking the same wallet to several DEXs.
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Hacking is a common occurrence in crypto currency so it is advised to always know the updated news and do your own research and analysis and then use different DEXs or central exchanges. There are many people who enter the phishing link and connect the wallet unnecessarily, in this case they can definitely have a bad experience like getting hacked. So don't connect the wallet by entering any phishing link unnecessarily.
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▪️Don't gives approval to dex more than you swap
Yeah, I always need to change the allowance amount since most of them defaulted to max out. I wonder why that is the case. Do projects assume people will keep using their platform without caring about the security risk? I can only count one or two projects that don't use the maximum amount and automatically change depending on my transaction amount. It doesn't cost a fee to approve anyway (or at least cheaper when you factor in the risk), with only one or two more clicks to make stuff like this easier to avoid.
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Bungee exchange which is widely used for bridging to multiple chains are hacked.
I haven’t even heard about this exchange)) and I’m trying to stay in the know, this all suggests that you shouldn’t use unpopular exchanges and not trade there, if someone still uses such (unpopular) exchanges, then you need to be as careful as possible and at least join them not with the main wallet, but with a spacer wallet on which to keep a minimum amount of money purely for this exchange.
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I haven’t even heard about this exchange)) and I’m trying to stay in the know, this all suggests that you shouldn’t use unpopular exchanges and not trade there, if someone still uses such (unpopular) exchanges, then you need to be as careful as possible and at least join them not with the main wallet, but with a spacer wallet on which to keep a minimum amount of money purely for this exchange.
I think this one is quite popular though, even though it misses your radar. They have a decent following on Twitter so they should be decent for some users. Indeed, their reputation is not as big as other multi-bridge dapps. I personally never use them to bridge my tokens. I can only assume that other bridges don't provide the network that they need or simply because the fee or promotion is better over there. Still, it doesn't explain why you have give them unlimited approval since a risk like this exists regardless of what platform you use. CMIIW,
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I haven’t even heard about this exchange)) and I’m trying to stay in the know, this all suggests that you shouldn’t use unpopular exchanges and not trade there, if someone still uses such (unpopular) exchanges, then you need to be as careful as possible and at least join them not with the main wallet, but with a spacer wallet on which to keep a minimum amount of money purely for this exchange.
I think this one is quite popular though, even though it misses your radar. They have a decent following on Twitter so they should be decent for some users. Indeed, their reputation is not as big as other multi-bridge dapps. I personally never use them to bridge my tokens. I can only assume that other bridges don't provide the network that they need or simply because the fee or promotion is better over there. Still, it doesn't explain why you have give them unlimited approval since a risk like this exists regardless of what platform you use. CMIIW,
If this exchange has a very popular twitter it does not mean that they are popular, if you pay attention to their twitter you can look at their followers and they are not subscribed by any famous fund and not one famous person in the crypto world, I think that the twitter they have spun, both subscribers and views, most likely they have few followers so they decided to close everything, otherwise they would not do it.