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DeFi exploits attributed to unaudited projects, data shows as Bungee exchange confirms operations

Recent research by on-chain aggregator IntoTheBlock shows that the majority of exploits in the decentralized finance (DeFi) space are the result of unaudited projects. With this, the study concludes that while an audit may not guarantee safety, it should certainly be a minimum requirement for DeFi protocols.

Bungee Exchange, powered by the recently exploited SocketDotTech protocol, has assured users that it is safe to use with all operations restored. 

Earlier, the exchange had indicated that since it does not request infinite approvals by default, Bungee users should be largely unaffected. Nevertheless, it paused the affected contracts while resuming bridging on the network.

It comes barely 24 hours after SocketDotTech protocol was exploited, with at least $3.3 million believed to be stolen.

Reportedly, 231 wallets were impacted with an average loss of $14,000 each.

SocketDotTech has issued an official statement following the exploit, indicating that the attack affected wallets with infinite approvals to Socket contracts.

In response, all affected contracts have been paused with the protocol committing to keep users informed.

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