JAKARTA - At the end of last week, decentralized exchange protocol Sushiswap was reported to have lost more than 3 million US dollars (Rp. 44.7 billion) due to a bug found in the smart contract. The contract is successfully exploited and distributed across various blockchain networks.
Additional information, smart contracts are computer programs designed to run, automate, and execute contracts on the blockchain. Smart contracts allow users to create secure and verifiable digital contracts without the presence of a third party, such as a notary or attorney. Smart contracts are usually written in the Solidity programming language and run on the Ethereum blockchain.
Blockchain security firm Peckshield announced via Twitter, noting that "Suswap's RouterProcessor2 contract has a bug regarding approvals." Additionally, the reported victim was a well-known crypto proponent named Sifu, who reportedly lost 1,800 ether.
Not only Sifu, another blockchain security firm, Certik, also warned that some USDC users may be affected. Certik issued a warning via Twitter that "Some users who have agreed to this malicious contract have seen their USDC redirected to [0x29e]. This wallet has fetched approximately $20,000 in the last two hours." Sushiswap confirmed the exploit and started recovery efforts.
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Chief Chef Jared Gray of Sushiswap said they have secured most of the affected funds in a white hat security process. They have also managed to recover over 300 ETH stolen by Sifu.
Additionally, Sushiswap has contacted the Lido team to complete another refund. Meanwhile, Sushiswap's CTO, Matthew Lilley, confirmed that there were no problems using Sushiswap's dex platform. It prompts users to check their consent and revoke permissions as soon as possible if a suspicious address is found.
However, Sushiswap has also faced legal trouble after receiving a summons from the US Securities and Exchange Commission (SEC). Currently, Sushiswa is trying to solve this problem. Nonetheless, smart contract security is still an important issue in the use of blockchain networks and must be considered by both users and developers.
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