A critical Microsoft Exchange Server flaw, CVE-2021-34473, enabled unauthenticated attackers to reach privileged backend services through improper URI validation and URL normalization in the Client Access Service and autodiscover functionality. The bug is the first stage of the ProxyShell attack chain and has been widely tied to in-the-wild exploitation, with affected builds including Exchange Server 2013 CU23, Exchange Server 2016 CU19 and CU20, and Exchange Server 2019 CU8 and CU9.
Attackers have used the issue to bypass authentication, access Exchange PowerShell, read mailboxes, deploy webshells, exfiltrate email, and move laterally, especially when chaining it with CVE-2021-34523 and CVE-2021-31207 for full compromise. Public exploitation resources, including GitHub tooling and scanning templates, lowered the barrier to abuse, while defenders were urged to apply Microsoft's security updates, hunt for webshell indicators and suspicious autodiscover requests, monitor for PowerShell launched by w3wp.exe, and reduce external exposure of Exchange services.

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5 events from the most recent confirmed update back to the earliest known activity.
The SentinelOne reference says CVE-2021-34473 is included in CISA's Known Exploited Vulnerabilities Catalog, reflecting official recognition of exploitation risk.
Source content states that CVE-2021-34473, part of the ProxyShell attack chain, has been actively exploited in real-world attacks against Microsoft Exchange Server.
The source content recommends applying Microsoft's security updates for CVE-2021-34473 to mitigate the Exchange Server vulnerability that underpins the ProxyShell chain.
The GitHub reference describes publicly available exploitation resources for ProxyShell, including Python scripts and a Nuclei scanning template, indicating technical details and tooling were released publicly.
The ProxyShell set of Microsoft Exchange vulnerabilities, centered on CVE-2021-34473 and chainable with CVE-2021-34523 and CVE-2021-31207, is attributed in the source content to Orange Tsai at Pwn2Own.
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