- Jared Grey has advised all users to immediately cancel access for all contracts.
- The exploit affected those who accepted SushiSwap contracts during the past 4 days.
This weekend, security company PeckShield discovered a significant flaw in the DeFi protocol SushiSwap, namely in the ‘RouterProcessor2’ contract, which is used for trade routing on the SushiSwap exchange. In other words, consumers unwittingly give the exploiter access to their tokens by approving the fraudulent contract.
PeckShield tweeted:
“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.”
Users Requested to Revoke Approval
The problem has been verified, and SushiSwap’s chief developer, Jared Grey, has advised all users to immediately cancel access for all contracts. A single user, 0xsifu, well-known in the Crypto Twitter community, has lost almost $3.3 million due to the problem.
Grey stated:
“Sushi’s RouteProcessor2 contract has an approval bug; please revoke approval ASAP. We’re working with security teams to mitigate the issue.”
The developer of DefiLlama 0xngmi claims that the exploit affected customers who accepted SushiSwap contracts during the past four days. However, security personnel are still digging into the root of the problem, following the trail of stolen money, and trying to retrieve lost funds.
Users should immediately remove authorization for any SushiSwap contracts to preserve their assets while developers and security teams work to solve the problem and recover lost monies. This event highlights the need for continuous monitoring and security within the DeFi ecosystem, as the expanding sector is still susceptible to hacks and assaults aimed at the vulnerabilities of accounts.
According to CMC, the SushiSwap price today is $1.08 USD with a 24-hour trading volume of $37,980,392 USD. SushiSwap is down 4.70% in the last 24 hours.
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