ParaSwap initiates the process of refunding cryptocurrency following the discovery of a crucial flaw in the smart contract.

Decentralized finance aggregator ParaSwap has taken action to rectify a critical vulnerability in its recently launched Augustus v6 smart contract. The platform has now returned crypto assets to users and revoked permissions to the flawed contract. However, there are still 213 addresses that have not yet revoked allowances to the contract. ParaSwap has disabled the contract’s functionality and is working closely with blockchain analytics and security firms Chainalysis and TRM Labs to identify the hacker and trace the stolen funds. The team has reached out to the hacker addresses and demanded the return of the funds, threatening legal action if they are not returned by March 27. Initial findings suggest that the hackers managed to steal $24,000 before the vulnerability was discovered.