Categories: Trending now

SushiSwap DeFi Protocol Loses $3 Million in Exploit, Here’s What is Known About It

SushiSwap, a DeFi protocol, was exploited over the weekend that resulted in the loss of $3.3 million (roughly Rs. 27.03 crore). As per blockchain firms CertiK and Peckshield, a smart contract around function approvals was exploited by hackers to facilitate this attack on April 9. Researchers have claimed that SushiSwap users who engaged with the protocol between April 4 and April 9 were most likely to have been affected as part of this attack.

The smart contract that aggregates trade liquidity from multiple sources and identifies the most favourable price for swapping coins was targeted by the hackers, Cointelegraph said in a report.

Jared Grey, the head developer of SushiSwap has suggested all protocol users to pull back permissions for all contracts of the Ethereum-built protocol.

https://twitter.com/jaredgrey/status/1645059641041121280?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

Grey has however suggested people to avoid engaging with the protocol for the time being.

This exploit marks the second biggest hack attack in the DeFi space this year so far.

In March, DeFi lending protocol Euler Finance lost at least $177.6 million (roughly Rs. 1,455 crore) in an exploit.

Hackers who target DeFi protocols often identify vulnerabilities in the open-source nature of the platform’s code to gain unauthorised access.

Earlier last week, the US Treasury department sounded an alert that DeFi services are being severely misused to process illegal transfers. In its recent illicit finance risk assessment on decentralised finance, the Treasury found that notorious actors are exploiting vulnerabilities in the usual anti-money laundering and combating the financing of terrorism (AML/CFT) regulation.

DeFi services that fail to comply with these obligations to prevent money laundering and terrorism financing pose the most significant illicit finance risk in this domain, the assessment found.

In 2022, an array of hack attacks on DeFi protocols resulted in the loss of $3.8 billion (nearly Rs. 31,100 crore), a recent report by Chainalysis had said.

As of January this year, financial losses incurred due to crypto exploits dropped by 93 percent, as compared to the same month last year, a report by PeckShield stated in February.


Smartphone companies have launched many compelling devices over the first quarter of 2023. What are some of the best phones launched in 2023 you can buy today? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated – see our ethics statement for details.
News Today

Recent Posts

Kareena Kapoor’s Next Untitled Film With Meghna Gulzar Gets Prithviraj Sukumaran On Board

Kareena Kapoor is working with Raazi director Meghna Gulzar for her next film. The project,…

2 weeks ago

Purdue basketball freshman Daniel Jacobsen injured vs Northern Kentucky

2024-11-09 15:00:03 WEST LAFAYETTE -- Daniel Jacobsen's second game in Purdue basketball's starting lineup lasted…

2 weeks ago

Rashida Jones honors dad Quincy Jones with heartfelt tribute: ‘He was love’

2024-11-09 14:50:03 Rashida Jones is remembering her late father, famed music producer Quincy Jones, in…

2 weeks ago

Nosferatu Screening at Apollo Theatre Shows Student Interest in Experimental Cinema – The Oberlin Review

2024-11-09 14:40:03 A silent German expressionist film about vampires accompanied by Radiohead’s music — what…

2 weeks ago

What Are Adaptogens? Find Out How These 3 Herbs May Help You Tackle Stress Head-On

Let's face it - life can be downright stressful! With everything moving at breakneck speed,…

2 weeks ago

The new Mac Mini takes a small step towards upgradeable storage

Apple’s redesigned Mac Mini M4 has ditched the previous M2 machine’s SSD that was soldered…

2 weeks ago