SushiSwap DEX Recovers 100 Ether After Weekend Exploit. The platform has revealed that it was able to recover 100 ETH, worth approximately $186,000, following the weekend exploit.
Keynotes
- Hackers exploited an approval bug in a Sushi contract called RouteProcessor2 and stole $3.3 million.
- SushiSwap revealed that it was able to recover 100 ETH, worth approximately $186,000, as a result of the exploit.
SushiSwap, a decentralized finance protocol, has recovered 100 Ether (ETH) worth $186,000 that a hacker drained from one of its users’ wallets following a $3.3 million exploit this weekend.
The hacker took advantage of a flaw in the ‘RouterProcessor2’ contract, which is used to route trades on the SushiSwap decentralized exchange.
Blocksec, a blockchain security firm, was able to recover the 100 ETH after intercepting a transaction from SushiSwap user @0xsifu’s wallet to the hackers’ wallet. The security firm was able to detect malicious activity during the attack and recover a portion of the stolen funds.
What the SushiSwap team is doing
SushiSwap is still collaborating with Whitehat hackers and other security protocols to recover more of the stolen funds. Its development team is identifying all addresses affected by the RouteProcessor2 exploit.
Also, SushiSwap disclosed that:
“Several whitehat recoveries are underway to rescue funds and this effort will continue when and if funds become available to rescue.”
Jared Grey also expressed his gratitude to all security teams, whitehat, and other protocols working to assist Sushi in the recovery process.
Also, for SushiSwap liquidity providers (LPs), Jared Grey revealed that no pools were affected by the RouteProcessor2 exploit, so LPs are safe.
Can we trade on Sushi now?
Following the news of the hack, trading activities were put on hold, but according to SushiSwap, its user interface has been updated to remove the affected contract, so if you revoked access earlier, you’re now good to continue trading going forward.
In addition, the SushiSwap token, SUSHII, fell by 3%. However, according to CoinMarketCap data, its price has recovered by nearly 1% and is currently trading at around $1.14.
The Hack
Aside from a single user losing $3.3 million as a result of the hack, several other addresses were also impacted. So far, approximately 190 Ethereum addresses and over 2000 Arbitrum addresses have approved the contract that facilitated the hack.
According to DeFiLlama, the exploit only affected users who had swapped using the protocol in the previous four days. Grey announced just hours after the hack that the protocol had recovered over 300 ETH and was looking to recover an additional 700 ETH.
Following the hack, some users expressed their distrust in the protocols’ security, and some even suggested that an insurance fund be created for unforeseen contingencies such as this.
