dYdX Team Alerted People of a Security Issue with a Newly Deployed Smart Contract

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Key Takeaways:

  • dYdX team alerted people of a security issue.
  • All users who have set allowance to deposit since November 24 are advised to visit the exchange and recover the funds as soon as possible.
  • Funds are not at risk and must be moved back to the wallet.
Dydx Team Alerted People Of A Security Issue With A Newly Deployed Smart Contract
dYdX Team Alerted People of a Security Issue with a Newly Deployed Smart Contract

Today dYdX team alerted people of a security issue with a newly deployed smart contract. The alert tweet said,

“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. Your funds are not at risk but must be moved back to your wallet.”

The white hat recovery was accomplished in collaboration with a man named Samczsun and the dYdX team, wherein all potentially vulnerable funds were saved.

All affected funds, even those that have not been deposited to dYdX, have been moved to a smart escrow contract as part of the white hat recovery. Only the user’s wallet has access to recover the funds. Funds can be recovered at any time.

If you have set an allowance to deposit funds to the dYdX Layer 2 Perpetuals product since Wednesday, November 24, then do not send additional funds to your wallet until you complete the recovery steps. The recovery steps can be found at ttp://trade.dydx.exchange.

Once you have completed the recovery steps, your wallet is safe and can be used again. You are unaffected if you have not set an allowance to deposit to the dYdX Layer 2 Perpetuals product since Wednesday, November 24.

They even tweeted that:

“A longer tweet with more information will follow shortly once affected users have a chance to recover. A full incident report will be released soon after that.”

This news may have impacted the dYdX token. However, it now has a green candle and is trading.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.