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SushiSwap has revealed that it has managed to recover 100 ETH, worth around $186,000, following the exploit that took place over the weekend.
SushiSwap was hit by hackers and ended up losing $3.3 million after one of its wallets was drained of funds.
Recovery Under Way
Sushiswap is continuing to work with White hat hackers to recover more of the stolen funds, according to a statement by the platform. According to a tweet by Blocksec, 100 ETH had been recovered by the platform, although significant funds were still left to be recovered. According to Blocksec, the hacker orchestrated the attack thanks to a vulnerability in the “RouterProcessor2” contract. This contract is used to conduct trade routing on the SushiSwap decentralized exchange.
Blocksec was able to recover the 100 ETH after intercepting a transaction from SushiSwap user @0xsifu’s wallet to the hackers’ wallet. The security firm was able to detect malicious activity during the attack and was able to recover a part of the stolen funds. SushiSwap lead developer Jared Grey assured the protocol’s community that they were working on a detailed retrieval plan to secure all the stolen funds and make users whole.
“Rest assured, the team is working diligently to mitigate risk and retrieve user funds.”
Impact Of The Exploit
Apart from losing $3.3 million during the hack, several addresses were also impacted as a result. So far, around 190 Ethereum addresses and over 2000 addresses on Arbitrum have approved the contract that facilitated the hack. The protocol’s lead developer, Jared Grey, had urged users to revoke all permissions for all contracts currently on the SushiSwap protocol.
The protocol’s native token, SUSHI, took a 3% dive after the news of the hack. However, its price has recovered, rising by around 1%. Currently, the token is trading at around $1.15.
The SushiSwap Exploit
The SushiSwap exploit occurred on the 9th of April 2023, when a bug in a smart contract was exploited, leading to over $3 million being drained. According to DeFiLlama, only users that had swapped using the protocol over the past four days were impacted by the exploit. Merely hours after the hack, Grey announced that the protocol had recovered over 300 ETH and was looking to recover an additional 700 ETH.
A Difficult Period For SushiSwap
The exploit comes against the backdrop of a difficult week for the protocol and its community, with both Grey and his counsel responding to the recent subpoena. Grey stated,
“The SEC’s investigation is a non-public, fact-finding inquiry trying to determine whether there have been any violations of the federal securities laws. To the best of our knowledge, the SEC has not (as of this writing) made any conclusions that anyone affiliated with Sushi has violated United States federal securities laws.”
SushiSwap had also recently restructured its DAO to avoid any potential legal hassles.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
