SushiSwap Narrowly Escaped A $350 Million DeFi Hack, Here’s How

The DeFi exchange SushiSwap would have joined the many projects that lost millions to the dubious activities of online hackers. For instance, Poly network lost $600 million in a similar hack one week ago. The good news is that the miscreants have returned many of the assets. It could have been a terrible blow if Sushiswap followed suit with a $350 million loss after Poly Network. Luckily, a white-hat hacker saved the day for the firm. Samczsun, a Paradigm research partner shared the report. According to him, the investigation on the smart contract code for the “BitDAO token sale” started on August 17. Related Reading | Bitcoin Bull Cathie Wood Attracts Big Short Michael Burry To ARK Innovation ETF The sale took place on Sushiswap’s “MISO” platform, a place where developers can launch their new tokens. It was, of course, successful, and the project raised $365 million without issues. But they could have lost everything to hackers due to a smart contract code error. A Brief on Smart Contracts Smart contracts are codes that perform different instructions on the blockchain. These codes are important as they ensure the proper functioning of the dApps (decentralized applications) on the blockchain. These apps span across DeFi protocols and facilitate lending, trading, and borrowing transactions that occur without third-party controls. These codes are supposed to be secure and accurate. But according to the researche...