A bug present on one of the decentralized finance protocols, SushiSwap’s smart contract led to a loss of $3 million in the early hours on the 9th of April- according to quite a few security reports on Twitter.
CertiK Alert and Peckshield uploaded unusual activity that was related to the approval function in the Router Processor 2 contract of the company- which is a smart contract that aggregates the trading liquidity from quite a few sources and then further identifies the best price for swapping the coins. After just a few hours, the bug had led to a loss of $3.3 million. 0xngmi, a pseudonymous developer for DeFiLlama, stated that the hack should only affect those users who had swapped through the protocol in the last four days.
SushiSwap Has Gone Through A Hack Of $3.3 Million
Jared Grey, the head developer of SushiSwap, went on to urge the users to start revoking all the permissions for all the smart contracts on the protocol. He went on to state that the contract had an approval bug and one should revoke the approval as soon as possible. The developer team was working with multiple security teams in order to fix the issue. A list of contracts on GitHub with multiple blockchains that require revocation has been created in order to address this problem. Yet, a few hours after the incident, Grey took to Twitter to state that a large part of the funds had already been recovered through a security process that involved White hats.
The SushiSwap community has already gone through quite an intense period of time. On the 8th of April, Grey and his advisers provided comments on the recent subpoena that had been levied against them from the United States Securities and Exchange Commission. Grey has already claimed that he is cooperating with the investigation.
