White Hat Rescue Saves SushiSwap $350M

White Hat Rescue Saves SushiSwap $350M

The SushiSwap is one of the recent times much-adored decentralized cryptocurrency exchanges widely based on the Ethereum (ETH) blockchain. It’s a completely independent all smart contract-based platform for all sorts of financial services. In spite of its profuse growth and remarkable achievements recently the decentralized exchange platform has now escaped with much luck from getting hacked incurable losses estimated at $350 million. 

The $350M Save for SushiSwap

The Ethereum (ETH) based decentralized exchange which is now at present performing within the top five upon the decentralized exchanges platform has just got lucky! Yes, SushiSwap has got saved by a possible hack of $350 million from its platform. This calculates to about roughly 109,000 ETH. 

In spite of this, all the credits go to a Venture Capital firm Paradigm based security researcher. This researcher goes by the name Samczsun on Twitter. Also, this complete loss of 109,000 ETH worth of about $350 million is said to be due to the miso platform attribute of SushiSwap. 

Moreover, this Miso platform corresponds to the auction smart contract token sale of BitDAO tokens. In addition, it’s been predicted that the bug being deployed such that the hacker could reuse the same ETH invested again and again into launching new bids upon the same smart contract as the new user. Therefore, this will be enabling the hacker to resume the same ETH to invest again and again upon the same smart contract bidding in it absolutely free.

Samczsun’s Investigations

The security researcher Samczsun started to get curious about the BitDAO token sale smart contract on the miso platform of SushiSwap.  However, he found out various access is not granted upon the smart contract of BitDAO token sale predicting the loopholes upon it.

Furthermore, with more intense investigations, it’s a white hat discovery that anyone could hack all the vulnerable tokens upon the smart contract including all its crypto-based assets in the smart contract. 

Moreover, Samczsun comments that at first he never thought this to be a vulnerable loophole as the SushiSwap team would never be so careless with such loopholes in the contract. In addition, he puts forth that at first, he thought this to just be in line with any other bug, but with profuse investigations, it’s found to be a bug capable of impacting $350 million damages.

On the other hand, the SushiSwap team took this into their hands. Accordingly, they made the BitDAO token sale smart contract to an end, further by purchasing all the remaining tokens in the bid themselves, stopping the smart contract. Therefore, SushiSwap made sure all their token assets were safe by safeguarding all the funds upon the auction.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.