Loading...

SushiSwap Hacked: $3.3 Million Stolen from User’s Account

Sushiswap

Most read

Loading Most Ready posts..

Contents

Share link:

TL;DR

  • SushiSwap, a Decentralized Finance (DeFi) platform, was recently hacked, resulting in over $3.3 million loss.
  • An approve-related bug in the SushiSwap RouterProcessor2 contract caused the hack.
  • Only those users who had logged in to the SushiSwap platform within four days before the hack were affected by the breach.

In a recent fraud, the SushiSwap RouterProcessor2 contact has been discovered to have an approve-related bug. This flaw has resulted in the loss of over $3.3 million (roughly 1800 ETH) from 0xSifu. The incident has caused widespread concern among cryptocurrency investors and has raised questions about the security of smart contracts in the Decentralized Finance (DeFi)space.

According to reports, the approve-related bug allowed an attacker to withdraw funds from 0xSifu’s account without their permission. This unauthorized withdrawal has resulted in a significant financial loss for 0xSifu and has sparked outrage in the cryptocurrency community.

Kay stated that an unauthorized entity could obtain tokens without the owner’s permission due to a vulnerability. The vulnerability allows for this to occur. Additionally, it has been reported that another hacker has stolen approximately 1800 ETH using the same contract as the first attack. This hacker named their function “notyoink” instead of “yoink,” like the first attacker.

DeFi Llama, the prominent decentralized finance (DeFi) platform for tracking the performance of DeFi protocols, recently released a statement regarding the recent hack on the SushiSwap platform. According to their report, only those users who had logged in to the SushiSwap forum within four days before the hack were affected by the breach.

For those users who were impacted by the hack, DeFi Llama strongly urged them to take immediate action to secure their funds. The first step affected users should take is to revert any approvals granted to the hackers. This can be accomplished by accessing the relevant wallet and rescinding any permissions granted to the hackers.

Moreover, DeFi Llama recommended that affected users move their funds to a new wallet without delay. This is a crucial step, ensuring that any remaining funds are not susceptible to further attacks.

As the investigation continues, many cryptocurrency community calls for increased transparency and accountability from DeFi projects. It remains to be seen what steps the SushiSwap team will take to prevent similar incidents from occurring in the future.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

Stay on top of crypto news, get daily updates in your inbox

Related News

Cryptopolitan
Subscribe to CryptoPolitan