Ethereum DEX Dodged A $350M DeFi Hack With Help Of White Hat Hackers

Ethereum DEX Dodged A $350M DeFi Hack With Help Of White Hat Hackers

An Ethereum DEX dodged a $350 million DeFi hack with the help of white hat hackers as we are reading more about it in our latest ethereum news today.

The SushiSwap big BitDAO token sale could have ended badly but a researcher discovered an exploit before the attacker was able to and the Ethereum DEX dodged a DEFI hack bullet this time. The SushiSwap MISO token sale platform had an exploit that could have been used to steal $350 million worth of ETH but a crypto researcher from Paradigm said he discovered the exploit yesterday and worked with SushiSwap to neutralize the threat.

cream heist, hackers, fees, eth, transaction

A week after Poly Network suffered a $600 million attack, the crypto world could have been under major threat by another hack at the decentralized exchange Sushiswap. The EX managed to avoid the attack thanks to the help of white hat hackers. In a post published today, samczsun who is a research partner at Paradigm explained he started examining the smart contract code a day ago for the BitDAO token sale at the SushiSwap MISO platform and the sale went off without any issues, raising $365 million in the process. Little did they know that things could have ended badly. The researcher said he spotted some issues with the smart contracts on the platform and as he experimented, he revealed an exploit that could have led to all of the ETH in the token auction contract being drained by the attacker:

“My little vulnerability just got a lot bigger. I wasn’t dealing with a bug that would let you outbid other participants. I was looking at a 350 million dollar bug.”

According to the post, samczsun looped in on the Paradigm colleagues Georgios Konstantopoulos and Dan Robinson to check his hypothesis. They connected with the SushiSwap team to discuss solutions and after the discussion, Sushiswap and Immunefi representatives brought a decision: the BitDAO team holding the token sale will have to manually end the token auction and neutralize the threat. The SushiSwap team shared more information about the exploit and noted that no funds were lost and no user action is needed as a result. SushiSwap will have to pause the MISO Dutch auction format until the smart contract is updated.

sushi dropped 14%, eth, ethereum, defi ,sushiswap

SushiSwap is one of the most popular exchanges out there with more than $444 million in trading volume over the past day. The users can earn rewards by placing Ethereum-based tokens into liquidity pools that are used to facilitate trades without the need to connect buyers with sellers. It started life in 2020 as a copycat of Uniswap but was different due to the use of the native governance token SUSHI which is an approach that Uniswap soon adopted itself. SushiSwap continued to diversify the DeFi feature offerings like the launch of the MISO token sale platform.

  • Bitcoin
  • Ethereum
  • Tether
  • Cardano
  • Polkadot
  • Binance coin
  • Dogecoin
Scan to Donate Bitcoin to 194astnfvj2nr6izGJFwG9ebRqNU7ynQYY

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Tether to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Tether to this address

Scan the QR code or copy the address below into your wallet to send some Tether

Scan to Donate Cardano to DdzFFzCqrhsu1xWeeGai3gbgsbrFP26zPaVrCJqqF286carQJmAkTitRQSUCLhYLpKCotroRRNpKj7YcnAJQqpSfsHHdj8nUaitPvH4j

Donate Cardano to this address

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Polkadot to 155rGKVEanCxpi5EqGh8yh1AkGpm6bVUa7RQNydA38KzbhNu

Donate Polkadot to this address

Scan the QR code or copy the address below into your wallet to send some Polkadot

Scan to Donate Binance coin to bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23

Donate Binance coin to this address

Scan the QR code or copy the address below into your wallet to send some Binance coin

Tag/Note:- 105346725
Scan to Donate Dogecoin to DKN9sscVgSBVyG7f9PYJq2D3BhWK5ffUmK

Donate Dogecoin to this address

Scan the QR code or copy the address below into your wallet to send some Dogecoin


Credit: Source Link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
WP Twitter Auto Publish Powered By : XYZScripts.com