SushiSwap is a critical player in the decentralized finance (DeFi) ecosystem, known for its innovative and streamlined services. However, as of this morning, SushiSwap DEX was exploited For $3.3M. Thus this latest exploit has cast doubt on the platform’s security.
Key Facts
- SushiSwap, a popular decentralized exchange, was the victim of a major cyber attack that resulted in a $3.3 million loss.
- This security breach was caused by a vulnerability in the platform’s approval contract.
- According to PeckShield, all 1,800 ETH worth approximately $3.3 million were drained from a single user known as @0xsifu.
According to a tweet from PeckShield, a smart contract on the decentralized finance (DeFi) protocol SushiSwap was exploited earlier today (9/03/2023).
The perpetrators took advantage of a flaw in the approval contract (RouterProcessor2), which allowed them to manipulate the system and gain unauthorized access to large sums of money.
Due to the exploited RouterProcessor2 contract deployed on multiple chains including ETH, BSC, POLYGON, AVAX, and FTM amongst others, PeckShield and SushiSwap’s Head Chef, Jared Grey, suggest that it be revoked on all chains, according to the tweet below.
In the aftermath of the event, the SushiSwap team has pledged to enforce additional security measures to prevent similar incidents from happening again. Furthermore, this attack has sparked a broader discussion within the DeFi community regarding the need for robust infrastructure and stringent security protocols.
However, according to MetaSleuth, a crypto asset tracking tool by BlockSecTeam stated in a tweet that the tool was used to track the missing funds.
Jared Grey also weighed in on the matter, tweeting that “recovery efforts are underway.”
Following up with the news, more information about the incident will be released to the public as the investigation continues. Meanwhile, the Decentralized finance community must remain vigilant and prioritize the safety of its users and platforms.
