Bitcoin

If the token price rises and its reputation improves, Sushiswap thwarts a midnight exploit

At least distributed as exploits and hacks across the DeFi ecosystem One project seems to have prevented the worst attack: the once malicious “vampire” AMM (automated market maker), Exchange sushi swap.

Observers noticed last night that sushi swap – What began to drain liquidity from rival AMM Uniswap – I experienced an exploitand that the anonymous lead developer 0xMaki took steps to mitigate this:

Found possible @ SushiSwap exploit? @ 0xMaki sends the exploiter a text with a message to collect the reward for the bug.

See below

tx with the message from 0xMakihttps: //t.co/1MdXqw9chq

Operator’s address: https: //t.co/ehh7EassCo@DefiantNews pic.twitter.com/fRpdA1j7y1

Reports from the Sushiswap channel on Discord now indicate that the exploit has been fixed and that any lost user funds (between $ 10,000 and $ 15,000) will be covered by the Sushiswap hoard.

If the token price rises and its reputation improves, Sushiswap thwarts a midnight exploit
If the token price rises and its reputation improves, Sushiswap thwarts a midnight exploit

To better understand the exploit and what it meant to Sushiswap, Cointelegraph spoke to one of the smart contract engineers who 0xMaki personally thanked on Twitter for helping to mitigate its impact: he called himself ‘DeFi degen’ and Solidity Developer ‘ andy ‘.

When I woke up after waking up, the exploiter was about 10-15,000 away from sushi swap’s 0.05% rate cut.

LP – xSushi carriers are safe!

It’s fascinating, thanks @ andy8052 @ Danielielque Main developer of sushi for quick response and help.

More soon!

According to Andy, 0xMaki contacted him at 10 p.m. EDT.

“He (0xMaki) said there was an oddity, but he wasn’t sure what it was. We spent about an hour on a discord call reviewing the transactions before we found out what the exploit was. “

Andy explained that The attacker wrapped tokens from the liquidity pool and put them in a new poolThis allows the attacker to “run some really strange logic to get the underlying tokens out of the reward contract”.

The affected contracts were patched in hours, and after 0xMaki, The accounting firm Peckshield will review the changes.

Adding a layer of intrigue to the exploit was as follows 0xMaki and the Sushiswap team tried to communicate with the exploiter while looking for a solution and sent a short message to the address of the exploiter::

“I’ll see you, we’re working to fix it. Contact me on Discord for a reward for the error – 0xMaki,” the message read.

Similar news has been a feature of many recent hacks and exploits., including the Value Exploit, the DeFi Flash Loan where the exploiter mocked the team (and later returned some of their illicit profits to a victim who claimed to be a nurse), and the previous Dforce hack The attacker returned money with a forward-looking note.

But still, Andy doesn’t think this is the start of a broader trend.

“I don’t see anything coming of it just because it’s expensive and inefficient,” he said.

The quick fix could also be a sign that sushi swap’s greater fortune is on the rise.. Sushi swaps arrival on site, the departure of the founder and the eventual return of “mined” funds were one of the darkest stories of DeFi’s very special summer.

Over time, however, the market shows signs of confidence in sushi swap again. The exchange’s SUSHI token price rose more than 100% during the month.

Andy’s belief in turn never wavered and The response to the attack is just another sign of the competence of the new sushi team.

You worked super hard. Check out all of the great things that they have published and are working on. It definitely doesn’t affect my view of her, but it hasn’t changed much for me personally either as I already had a great concept of the team. “

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