- SushiSwap’s Router Processor caught a bug, leading to a loss of over $3 million in a few hours.
- SushiSwap V3 had already accumulated $368,200 in TVL, but SUSHI’s overall TVL growth remained relatively flat.
On 9 April, numerous reports surfaced about a bug in a SushiSwap [SUSHI] feature that had already caused the loss of millions of dollars. Jared Gray, the CEO of SushiSwap, later verified the report and outlined the necessary measures to rectify the situation.
Sushi's RouteProcessor2 contract has an approval bug; please revoke approval ASAP. We're working with security teams to mitigate the issue. https://t.co/WhXJfa5xD4
— Jared Grey (@jaredgrey) April 9, 2023
Read SushiSwap’s [SUSHI] Price Prediction 2023-24
SushiSwap router bugged out
On 9 April, Certik Alert and Peckshield posted about a concerning bug related to the approve function in the SushiSwap Router Processor 2 contracts. They revealed that the bug had caused a loss of more than $3 million within a few hours.
Use the following to revoke your token approvals:
ETH: https://t.co/6312VOmj72
BSC: https://t.co/E9LxR7Nfe6
POLY: https://t.co/Kl8TgmhjlJ
AVAX: https://t.co/7knpsOZcPf
FTM: https://t.co/EYFHeViw9c— CertiK Alert (@CertiKAlert) April 9, 2023
Additionally, there were reports that malicious MEV bots had utilized the contracts and replicated the attacks. Responding promptly to the issue, SushiSwap CEO Jared Gray confirmed the bug’s existence and instructed that all approvals be revoked.
The SushiSwap Router Processor is a smart contract powered by the Ethereum [ETH] blockchain. It is a decentralized exchange (DEX) router for SushiSwap. Its primary role is to identify the optimal method for swapping one type of cryptocurrency for another. It accomplishes this by directing trades through a series of liquidity pools to achieve the most favorable price for the transaction.
Revocation of approvals recommended
DefiLlama provided further insight into the bug, clarifying that only SushiSwap users who had engaged in swaps within the last 14 days would be affected by the bug. Those users were urged to promptly revoke approvals and transfer funds from the impacted wallet to a new one.
only users impacted by sushiswap hack should be those that swapped on sushiswap in the last 4 days, if you did so revert approvals asap or move your funds in affected wallet to a new wallet
— 0xngmi (llamazip arc) (@0xngmi) April 9, 2023
A list of contracts on each blockchain that required revocation was made available in response to the issue.
Jared Gray, the CEO of SushiSwap, assured users that efforts were already underway to address the issue. In addition, various measures were implemented to enable users to verify if their addresses had been affected by the bug.
SushiSwap V3 TVL takes off
The revelation of the approval bug comes just days after the CEO of the DEX announced the forthcoming release of SushiSwap V3. In a recent post, he mentioned that the V3 had already garnered significant Total Value Locked (TVL) and hinted at a planned launch date for the following week. However, it remains to be seen whether recent events will impact this timeline.
How much are 1,10,100 SUSHIs worth today?
According to data from DefiLlama, SushiSwap V3 had already accumulated $368,200 in TVL despite not being officially launched. A glance at the chart revealed an upward trend since around 5 April. Conversely, Sushi’s overall TVL growth remained relatively flat. As of this writing, Sushi’s TVL was $554.54 million.
Source: DefiLlama
Downtrend continues for SUSHI
A downtrend was observed upon inspection of a daily timeframe chart for SUSHI. As of this writing, SUSHI was trading at approximately $1.0, indicating a loss of over 2%. It has been experiencing a negative trend over the past 72 hours until press time, amounting to a total loss of approximately 6%.
Source: TradingView
