Sushiswap, which is an exchange, managed to foil a midnight exploit. The Uniswap rival was able to ward off the attack without much hassle.
A news article on Cointelegraph explains that hacking is a common trend that is happening across the DeFi ecosystem. Few exchanges have lots of millions of dollars and have not been able to get them back.
However, Sushiswap has fended off a bad attack. They are an AMM (automated market maker) exchange. According to some observers, they noticed the previous night, Sushiswap was experiencing an exploit.
It is to be noted that the exchange recently got its start leeching liquidity from rival AMM Uniswap. Head developer 0xMaki was trying to plan a method to fool it. Juan Snow, who noticed the exploit happening had this to tweet.
The Sushiswap Discord channel has said that the user funds that were lost will be removed shortly. The funds come close to $15000. The Cointelegraph team spoke to the smart contract engineers to explain the exploit and the damage that could have been inflicted.
0xMaki, who is the General Manager at SushiSwap, had this to tweet.
He thanked the team for ensuring that the attack was not successful. Andy, who was one of the first to notice the exploit, said that the hacker wisely “wrapped liquidity pool tokens” and wanted to deploy them using a new pool.
Andy felt that though this method was weird, it could have been effective if pulled through. The contracts that were affected were gotten soon.
A news report on Digitalarticle echoed the same message. One of the recent exploits was on Value DeFi’s flash loan. The hacker was able to delve in and steal the money. However, the hacker returned some of the stolen funds.
While this can be seen as a dangerous sign of using cryptocurrency, the safety team present in most of the exchanges are alert 24/7. The manner in which the midnight exploit was easily fooled shows the readiness and preparation of the Sushiswap team.