A closely watched altcoin project has seen its smart contracts hacked, with the SEC investigation emerging today. Its price is in free fall over 5%…
Popular DeFi altcoin reports exploiting a smart contract
Related DeFi platform SushiSwap reported that an endorsement contract resulted in $3.3 million worth of exploits. The developers said in a tweet that a smart contract for Sushi’s swap services was exploited early Sunday.
The exploit involves the ‘RouterProcessor2’ contract, which is specifically used to route trade on the SushiSwap exchange. Security firm PeckShield said earlier today that “SushiSwap RouterProcessor2 person appears to have an error with the confirmation, resulting in a loss of $3.3 million,” and Sushi later confirmed the attack.
According to several tweets from multiple security firms, $3.3 million comes from a single user. The wallet involved belonged to @0xsifu, a popular trader in crypto Twitter circles. DefiLlama developer @0xngmi said on Sunday that the exploit only affects users who have approved Sushiswap contracts in the past 4 days.
Developers ask users to cancel contracts
Meanwhile, SushiSwap lead developer Jared Gray has asked users to revoke permissions for all contracts on SushiSwap as a security measure, adding that the team is “working with their security team to mitigate the issue.”
SushiSwap (SUSHI) is dropping!
Ranked among the top 150 by market capitalization, SUSHI is down over 5% during the hours when smart contract exploits are revealed. SUSHI dropped from its intraday high of $1.13 to $1.07 today.
Worse, Sushi executive Jared Gray officially sanctioned an SEC investigation today…
SushiSwap V3 announced during SEC subpoena
cryptocoin.com We have included the statements made by CEO Jared Gray about the SEC case today in this article. A subpoena by the SEC on March 21 is now the main focus of the Sushi DAO. Since the SEC’s subpoena, SUSHI’s value has fallen over 28%.
Since March 21, the number of addresses involved in SUSHI transactions has dropped 43% as of this writing. The falling interest was also exhibited by the cryptocurrency’s trading volume. SUSHI has dropped from $82.24 million to $35 million at the time of writing.
According to data from Token Terminal, it was pretty clear that the network has been struggling ever since. Since March 21, trading volume on DEX has dropped 37%. A big factor behind this may be its depleted user base, which has shrunk by 17%. These were signs that investors were wary of regulatory action on the protocol.
The fud news comes following a major upgrade, SushiSwap v3, which was announced on April 7. Sushi is currently under great regulatory pressure accompanied by networking activities.
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