Recently, a smart contract bug in SushiSwap, a popular decentralized exchange, has led to the theft of approximately $3.3 million in Ethereum. This bug is related to the contract approval process and is linked to an update that was implemented a few weeks ago. The bug resulted in the loss of around 1,800 ETH from a prominent crypto trader’s account, known as Sifu.
It seems the @SushiSwap RouterProcessor2 contact has an approve-related bug, which leads to the loss of >$3.3M loss (about 1800 eth) from @0xSifu.— PeckShield Inc. (@peckshield) April 9, 2023
If you have approved https://t.co/E1YvC6VZsP, please *REVOKE* ASAP!
One example hack tx: https://t.co/ldg0ww3hAN pic.twitter.com/OauLbIgE0Q
The SushiSwap team has stated that they are doing everything in their power to recover the stolen funds, but there is no guarantee of success. Meanwhile, the team has provided a link that traders can use to check their accounts and revoke any permissions if necessary.
🚨 Some positive news following the RouteProcessor 2 approval bug.— Sushi.com (@SushiSwap) April 9, 2023
Sushi's secured a large portion of affected funds in a whitehat security process.
🔍 If you performed a recovery please contact email@example.com for next steps.
In light of this news, it’s natural to feel concerned about the safety of your crypto investments. However, the SushiSwap CTO, Matthew Lilley, assures users that the exchange is currently bug-free, and there is no risk involved in using Sushi Protocol.
If you have another address for where your funds went, then please contact us at firstname.lastname@example.org w/ the tx hash and chain you were on. We will continue to update everyone as we gather more information, and appreciate everyone working together with us to amend the situation.— I'm Software 🦇🔊 (@MatthewLilley) April 9, 2023
It’s always essential to take precautions and be vigilant when investing in cryptocurrencies. As a general rule, you should avoid storing large amounts of crypto on an exchange for extended periods. Instead, consider using a hardware wallet or cold storage solution to keep your funds safe.
Furthermore, it’s critical to keep an eye out for any updates or announcements from the exchange you use. Stay informed about any potential security threats and take appropriate measures to secure your assets.
In conclusion, the recent SushiSwap exploit is a reminder of the potential risks involved in investing in cryptocurrencies. It’s crucial to take proactive measures to safeguard your assets, and to stay up-to-date with any news or updates from your exchange.
Stay tuned to CoinTopper for more news!