Tidings #2: SushiSwap Exploit, $300 Potential Crypto Airdrop to Thai Citizens
In this wave of your weekly #Tidings:
🔵 #SushiSwap compromised for >$3.3m in RouterProcessor2 Contract.
🔵 Srettha Thavisin, Head of the Opposition Party in Thailand, promises a $300 crypto airdrop to Thai Citizens if elected Prime Minister in May 2023.
🔵 zkSync project raises 921 ETH ($1.7m), funds stuck forever in smart contract.
SushiSwap Contract Exploited, user 0xSifu loses 1,800 ETH (>$3.3m)
SushiSwap, a decentralized exchange, was recently hacked for more than $3.3 million due to a bug in the approval system of the exchange’s RouterProcessor2 contract on Ethereum.
Peckshield, a blockchain security firm, reported the data breach and warned affected users to invalidate contract approvals. The exploit targeted the RouterProcessor2 contract that is responsible for trade routing services on SushiSwap, affecting numerous chains including Ethereum, Avalanche, Fantom, and Binance Smart Chain.
SushiSwap’s Head Chef, Jared Grey, confirmed the breach and stated that the exchange had deployed security personnel to diminish the hack. Users who transacted on SushiSwap in the last four days were advised to transfer money to new wallets or cancel the approvals.
BlockSec, a smart contract audit company, was already aware of the security breach and had salvaged multiple assets, including 100 Ether worth $180,000, from the attacker. They urged the compromised contract’s owner to contact them for compensation.
As of current writing, SushiSwap has claimed that >300 ETH has been recovered of 0xSifu’s funds and that they are in contact with Lido’s team regarding 700 ETH.
Our CTO, Raymond, performed an in-depth analysis of the exploit:
We hope you have revoked your contracts with SushiSwap! Make sure to keep your contract interactions tidy on a regular basis and revoke any suspicious contracts that you haven’t utilized for a while.
$300 Crypto Airdrop to Thai Citizens Marketing Gimmick?
Real estate mogul and Thai political candidate Srettha Thavisin, who is running for prime minister under the Pheu Thai party, has promised to give every Thai citizen 10,000 Thai Baht (approximately $300) in digital currency if his party wins the upcoming general election in May.
The economic stimulus package is aimed at providing relief to Thais who are struggling with high household debt. However, the Bank of Thailand has declared Thai baht stablecoins to be illegal, and the airdrop proposal could have major implications for the country’s financial system, according to a minister in the prime minister’s office.
While the election is predicted to be a close one, with Pheu Thai polling at approximately 46%, some have questioned whether this would be the best use of funds instead of directing it towards alleviating poverty.
This isn’t the first election in Asia where crypto has played a role, as South Korean President Yoon Suk-Yeol also included crypto deregulation on his list of legislative proposals to win office by a margin of less than 1%.
Imagine the possibilities if $bluStables are used for use-cases like this!
Matter Labs Encounters Issues with 921 ETH Raised during Token Sale
Matter Labs, the team behind Ethereum layer 2 scaling solution zkSync, has reported that around 921 Ether (ETH) worth $1.7 million is currently trapped in one of its new smart contracts, GemstoneIDO. However, the firm has reassured its users that the funds are safe and has found a solution for rescuing them.
The funds were accumulated during the Gemholic token sale. Matter Labs identified the issue to have arisen from the .transfer() function in the GemstoneIDO smart contract, which is part of a project run by the GemholicECO ecosystem.
The company explained that the issue could have been prevented had they deployed the contract on a testnet first. Despite this, the firm is holding itself accountable for the mistake and has assured members of the zkSync ecosystem that they will continue to resolve similar issues relentlessly.
Matter Labs launched zkSync Era on mainnet last week, with projects such as Argent, Celer Network, and MetaMask already live on the network. While decentralized exchanges Uniswap and SushiSwap are yet to go live, Matter Labs promised they would be available in a matter of days.
Jumping on a new narrative carries inherent risks such as the one mentioned above. Make sure to continue doing your own research and not risk more than what you can afford to lose! Consider starting small with RWA projects like Bluejay Finance.
What the Community Is Discussing
SushiSwap’s unfortunate exploit. Stay safe everyone!
Our CEO, Sherry, is heading to ETH Tokyo and we are proud to sponsor a Poker Tournament by Legend of Cards!
What to Watch for Next Week:
🔵 Post-Ethereum Shapella Upgrade Price Action
🔵 ETH Tokyo Highlights
🔵 Will SushiSwap recover?
