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Home » SushiSwap Approval Bug Results In $3.3M Hack

SushiSwap Approval Bug Results In $3.3M Hack

Hania by Hania
April 10, 2023
in Crypto Exchanges
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SushiSwap Approval Bug Results In $3.3M Hack
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Only individuals who have traded on the decentralized exchange during the past four days appear to be impacted.

According to various security warnings on Twitter, a bug in a smart contract on the decentralized finance (DeFi) protocol SushiSwap resulted in over $3 million in losses in the early hours of April 9. 

CertiK Alert and Peckshield, two blockchain security firms, published information regarding an abnormal activity related to the approval function in Sushi’s Router Processor 2 contract, a smart contract that gathers trading liquidity from many sources and determines the best price for exchanging coins. The bug quickly resulted in losses of $3.3 million.

Also Read: Hedera Exploit: Smart Contract Code Targeted by Attackers

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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.

If you have approved https://t.co/E1YvC6VZsP, please *REVOKE* ASAP!

One example hack tx: https://t.co/ldg0ww3hAN pic.twitter.com/OauLbIgE0Q

— PeckShield Inc. (@peckshield) April 9, 2023

The exploit should only impact customers who switched to the protocol during the last four days, according to DefiLlama’s anonymous developer 0xngmi.

SushiSwap Approval Bug Results In $3.3M Hack

Jared Grey, the chief developer of Sushi, asked users to cancel authorization for any contract on the protocol. “Sushi’s RouteProcessor2 contract has an approval bug; please revoke the approval immediately.” He said we’re working with security teams to mitigate the issue. To solve the problem, a list of contracts with revocation requirements across various blockchains has been compiled on GitHub.

We've secured a large portion of affected funds in a whitehat security process. If you have performed a whitehat recovery please contact security@sushi.com for next steps.

— Jared Grey (@jaredgrey) April 9, 2023

A “large portion of affected funds” had been retrieved via a white hat security process, Grey tweeted hours after the incident. “We can now confirm that CoffeeBabe recovered more than 300ETH of Sifu’s stolen funds. Regarding the additional 700 ETH, we are in touch with Lido’s team.

The weekend was very demanding for the sushi community. On April 8, Grey and his counsel made a statement regarding the most recent subpoena from the US Securities and Exchange Commission.

“The SEC is conducting a non-public fact-finding investigation to see whether any violations of the federal securities laws have occurred. To the best of our knowledge, the SEC has not determined that anyone associated with Sushi violated any US federal securities laws (as of this writing),” he said. Grey asserts that he is helping with the inquiry. On March 21, a proposal for a legal defence fund in response to the subpoena appeared on Sushi’s governance forum.

Tags: BLOCKCHAINCyber securityDEXHacks
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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