An Ethereum DEX dodged a $ 350 million DeFi hack with the help of white hat hackers, while we read more about it in our latest Ethereum news today.
SushiSwap’s big BitDAO token sale could have ended badly, but a researcher discovered an exploit before the attacker was able, and the Ethereum DEX this time dodged a DEFI hack bullet. The SushiSwap MISO token selling platform had an exploit that could be used to steal $ 350 million worth of ETH, but a Paradigm crypto researcher said he discovered the exploit yesterday and worked with SushiSwap to try to get the Neutralize threat.
A week after Poly Network suffered a $ 600 million attack, the crypto world could have been threatened by another hack on the Sushiswap decentralized exchange. The EX avoided the attack thanks to the help of white hat hackers. In a post published today, samczsun, research partner at Paradigm, stated that a day ago they started investigating the smart contract code for the BitDAO token sale on the SushiSwap MISO platform and the sale went without any problems and amounted to 365 million Brought in US dollars. Little did they know that things could end badly. The researcher said he discovered some problems with the smart contracts on the platform and, while experimenting, uncovered an exploit that could have resulted in the entire ETH in the token auction contract being emptied by the attacker:
“My little weak point has become much bigger. I’m not dealing with a bug that allows you to outbid other contestants. I looked at a $ 350 million bug. “
According to the post, samczsun hooked up with Paradigm colleagues Georgios Konstantopoulos and Dan Robinson to test his hypothesis. You have connected with the SushiSwap team to discuss solutions and after the discussion, representatives from Sushiswap and Immunefi have made a decision: the BitDAO team holding the token sale must manually end the token auction and the Neutralize threat. The SushiSwap team shared more information about the exploit and found that no funds were lost and therefore no user action is required. SushiSwap has to pause the Dutch MISO auction format until the smart contract is updated.
SushiSwap is one of the most popular exchanges on the market with a trading volume of more than $ 444 million last day. Users can earn rewards by placing Ethereum-based tokens in pools of liquidity that are used to make trading easier without the need to connect buyers to sellers. It started as a copycat from Uniswap in 2020 but was different due to its use of the native governance token SUSHI, an approach that Uniswap soon adopted itself. SushiSwap has further diversified the DeFi feature offerings such as the launch of the MISO token sales platform.
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