Some of the dYdX users have been affected.
On Saturday at 05:21 UTC, decentralized crypto exchange, dYdX discovered a security vulnerability in a recently deployed smart contract.
All users who have set allowance to deposit since Wednesday, November 24, are advised to visit the exchange and recover the funds as soon as possible.
The impacted funds, even the funds not deposited to dYdX, are currently in an escrow smart contract in a whitehat recovery.
The recovery was made in association with a person named Sam.
Users who have “set allowance to deposit funds to the dYdX Layer 2 Perpetuals product” since Wednesday, November 24 are advised not to send additional funds to their wallets before completing the recovery steps.
The ones who had set allowance to deposit to the dYdX Layer 2 Perpetuals before Wednesday, November 24 are unaffected.
Fortunately, no funds had been lost.
This news could have affected the DYDX token, but at the time of writing, it has a green candle while trading at a price of 13.15 USDT on Binance.
Decentralized protocols are difficult to design and debug. Moreover, the updates are also difficult to make due to the very decentralized nature. But, the same quality provides greater security than centralized systems.
Note: This is a developing news. Updates will be made to the article as we gather more information.
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