ParaSwap initiates the process of reimbursing cryptocurrency following a crucial flaw in their smart contract.

ParaSwap, a decentralized finance aggregator, has taken action to address a critical vulnerability in its Augustus v6 smart contract. The platform has 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 submitted a comprehensive report to authorities and is collaborating with blockchain analytics and security firms to investigate the stolen funds. The team has reached out to the hacker addresses and if there is no response by March 27, they will pursue legal avenues to recover the funds. Initially, the losses were small, with hackers stealing $24,000 before the vulnerability was discovered. ParaSwap discovered the vulnerability shortly after launching the Augustus v6 contract, which aims to improve token swaps and reduce transfer fees.