Hassan Maishera
On Wednesday, the 1inch Network announced via a blog post that they discovered a security breach in which an attacker fraudulently obtained access to a private key belonging to the owner of 1inch Labs’ resolver smart contract. Using this access, the attacker changed the contract’s settings and transferred funds from the 1inch resolver.
However, the team swiftly revoked the compromised access and enhanced their security to prevent future occurrences. User funds are safe since 1inch protocols are non-custodial.
1inch is also offering a $250,000 reward to anyone providing substantial, verifiable information leading to the identification and prosecution of the individual(s) responsible for the theft of funds from the 1inch resolver smart contract.
The 1inch Network is a DEX aggregator protocol across multiple chains, including Ethereum, BSC, Polygon, Optimism, and Arbitrum. 1INCH is down 3.5% in the last 24 hours and is currently trading at $0.5015 per token.
