SushiSwap Releases Plan To Return User Funds Stolen In $3.3M Hack

Key Points:

• SushiSwap releases plan to return user funds stolen in $3.3M hack.
• Funds were either “swept by whitehat security teams” or “lost to blackhat hackers.”
• Users can claim recovered funds from the whitehat contracts using Merkle Claim.
• Users who did not interact with the protocol over the past 10 days are likely unaffected by the hack.

SushiSwap, a decentralized exchange, recently experienced a hack that affected users’ funds. In response, the exchange has released a plan to return the funds to the affected users.

The hack resulted in user funds being either “swept by whitehat security teams” or “lost to blackhat hackers.” If whitehat security teams swept the funds, it means the teams were able to recover the funds, and users can claim them. To facilitate this, SushiSwap will build a Merkle Claim contract that will return the recovered funds to user wallets.

However, for funds stuck on the Blackhat contract, users will have to wait longer for a refund. This is because the decentralized exchange has to manually verify the legitimacy of each claim through on-chain data analysis on a claim-by-claim basis and pay it out accordingly.

It is important to note that users who did not interact with the protocol over the past 10 days are likely unaffected by the hack. Despite this, the team at SushiSwap urges users to check their approvals as a security measure.

The hack occurred on April 9 when SushiSwap was exploited through an approve-related bug on its RouterProcessor2 contract. Those who approved the vulnerable contract had their assets are stolen, which led to a total loss of around $3.3 million. One of the attackers returned 90 ETH stolen in the attack, while security firm BlockSec recovered another 100 ETH.

SushiSwap plans to focus on improving its security measures to prevent future hacks. It is currently reviewing its code and has implemented a “bug bounty” program to incentivize security experts to identify and report any vulnerabilities that may exist. The exchange has also pledged to be more transparent with its users about any security incidents that may occur in the future.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News