Sushiswap Dex Platform Loses Over $3 Million Due to Smart Contract Exploit

Sushiswap Dex Platform Loses Over $3 Million Due to Smart Contract Exploit

Sushiswap, a Decentralized Exchange (dex), suffered losses exceeding $3 million due to a bug in its smart contract protocol, according to multiple reports.

Blockchain and smart contract security firm Peckshield explained that the exploit occurred on a contract deployed across various blockchains, resulting in the loss of 1,800 ether for a prominent crypto advocate called Sifu, among others.

Certik, another blockchain security firm, issued an alert warning that a few USDC users may have also been affected. The company advised users who had approved the malicious contract to revoke permissions and move their funds to a new wallet to stay safe.

A developer known as 0xngmi noted that the exploit should only be problematic for those who used Sushiswap during the last four days.

Sushiswap’s head chef, Jared Grey, confirmed the exploit and stated that recovery efforts were underway. He added that the team had secured a large portion of the affected funds through a whitehat security process.

The Sushiswap CTO, Matthew Lilley, reassured users that there are currently no issues with using the platform and that all LPing and swap activity is safe to do. He urged users to double-check their approvals and unapprove any addresses listed in the warning to avoid any risks.

It’s worth noting that Sushiswap recently received a subpoena from the U.S. Securities and Exchange Commission (SEC), as Grey informed the community. Despite this, the team is taking steps to secure the platform and protect its users from any further losses.

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