ParaSwap launched its Augustus V6 contract on March 18, aimed at improving efficiency in swapping gas fees within the decentralised finance (DeFi) space.

However, shortly after its launch, a critical vulnerability was detected that could have allowed hackers to siphon off funds from users who had given approval.

In response, ParaSwap swiftly suspended its V6 API on March 20 and conducted a white hat operation to secure user assets and prevent any potential losses.

The platform is now working on a plan to reimburse any potential victims, demonstrating its commitment to user security and proactive measures to safeguard participants in the DeFi ecosystem.