SushiSwap Implements Merkle Claim Contract

Sushiswap released a plan to refund all users impacted by the protocol's attack on April 9.

According to the SushiSwap team, whitehat security teams swept up funds obtained through the exploit while blackhat hackers stole some. SushiSwap victims have a chance of recovering their funds, whether maliciously stolen by white hat hackers or stolen maliciously.

As announced, users whose funds were swiped by white hat security teams can claim them shortly. As part of the refund process, the SushiSwap development team is currently working on a Merkle Claim contract that users can connect to receive their refunds.

However, users who have lost funds due to attacks will need to contact SushiSwap's security team via email with transaction IDs and blockchain data. The process would take longer since the Decentralized Exchange (DEX) would need to manually verify each claim's legitimacy.

In addition, SushiSwap pointed out that users who did not interact with the protocol over the past ten days are unlikely to be affected by the hack. Nevertheless, the team advised users to check their approvals for security reasons.

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Exploitation of Over $3.3 Million

An approve-related bug in SushiSwap's RouterProcessor2 contract was exploited on April 9. Currently, there is no accurate estimate of how much was exactly stolen, as white hat hackers rushed to seize user funds before malicious parties could. The attacker, however, was able to steal at least $3.3 million worth of $ETH.

One of the hackers returned 90 $ETH stolen in the attack, and another 100 ETH were recovered by security firm BlockSec.

Most addresses that approved SushiSwap's problematic smart contract originated in Arbitrum and Polygon. The contract was deployed on Arbitrum for testing a few weeks ago. 

$SUSHI fell 4.1% within seven hours after being exploited but has since recovered. $Sushi is trading at $1.16, up 3.42% in 24 hours.

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 What is SushiSwap:

SushiSwap is a decentralized exchange part of the Yearn ecosystem. The platform is community-driven with no central governing figure. It is popular for its exchange among other decentralized finance tools it employs. The protocol runs on the Ethereum blockchain. SushiSwap also has a native token known as SUSHI.

Where to find SushiSwap:

Website | Twitter | Medium | GitHub |