SUSHISWAP

DESCRIPTION OF EVENTS

"Sushi is a DeFi protocol that is completely community-driven, serving up delicious interest for your held crypto assets." "On Sushi, you can take advantage of passive-income providing DeFi tools such as liquidity providing, yield farming and staking. Furthermore, due to the decentralized nature of being an AMM (Automated Market Maker), Sushi has fewer hurdles to execute your cryptocurrency trades and all fees are paid to the users who provided liquidity, just as it should be!"

“… we have designed SushiSwap as the next step forward in the Uniswap protocol design. Taking Uniswap’s elegant core design, we’ve added community-oriented features that we believe help improve the design of the protocol, as well as provide further benefits to the actors involved.”

"This coin followed in the footsteps of other YFI clones with its low supply and yield farming. When it was listed on Uniswap on August 26, it started at a high of $128 before finding a bottom at $0.69. In less than a week of its launch, it had been listed on Binance peaking at $15.96. On CoinMarketCap, it hit rank 74."

"As reported Monday by CoinDesk’s Will Foxley, a pseudonymous developer who goes by “Chef Nomi” launched the SushiSwap protocol in late August, and it was quickly cast as a “vampire protocol” because its inherent design intended to siphon away liquidity from a competing trading platform, Uniswap."

"The project quickly attracted more than $1 billion of collateral with a technique known as “zombie mining,” The market value of the associated SUSHI tokens surged roughly 500-fold in a matter of days to more than $300 million."

"The anonymous developer 0xMaki took on the lead development of SushiSwap after founder Chef Nomi let greed get the better of him."

"On November 30, 2020, the Sushiswap project was discovered to have been attacked by malicious liquidity providers." "SushiSwap (SUSHI) community governor 0xMaki said that someone made a profit of $10,000 to $15,000 through the vulnerability of SushiSwap, adding that users' funds were safe."

"The liquidity mining project SushiSwap (SUSHI) community governor 0xMaki announced in the Discord group that the SushiSwap vulnerability has been fixed, and the lost funds (approximately US$10,000) will be compensated from the SUSHI asset library. Previously, SushiSwap was attacked by a liquidity provider. The attacker obtained between 10,000 and 15,000 US dollars in a transaction. However, after this operation was discovered by 0xMaki, 0xMaki sent a transaction to the attacker with a message saying "I found you and we are working hard to fix it. Contact me on Discord to get bug bounty-0xMaki"."

"Post-Mortem when I wake up, exploiter got around 10-15k so far from the 0.05% fees cut of Sushiswap." "We only lost 15k from this attacker, maybe there were other individuals doing the same, I’ll need to take a closer look - we spotted this one because he started to affect the whole bar."

"Nobody lost any funds since the money was pure profits destined to xSushi holders. We will be sending from our treasury 15k worth of Sushi divided pro-rata."

The SushiSwap smart contract was exploited and the attacker took the trading fees which were generated over the brief period of the attack.

HOW COULD THIS HAVE BEEN PREVENTED?

No user funds were lost in this attack.

Check Our Framework For Safe Secure Exchange Platforms

SlowMist Hacked - SlowMist Zone (May 18)
First Mover: SushiSwap's Billion-Dollar 'Rug Pull' Is Thriller to Crypto Geeks - CoinDesk (May 24)
Sushi price, chart, market cap and info | CoinGecko (May 24)
The Rise Fall And Rise Of Sushiswap (May 24)
No Title (Jul 19)
SushiSwap Falls Victim To Attack Again, And Hacker Make A Big Fat Profit - TokenPost (Jul 18)
Rekt - Badgers digg sushi (Jul 22)
@0xMaki Twitter (Jul 23)
Blockchain Hacks: 2020 | $15 billion lost, how can we mitigate hacks in 2021? | CertiK Foundation Blog (Jul 23)
Rekt - SushiSwap Saved - 0xMaki Speaks Out (Jul 24)
@Juan_Snow1 Twitter (Jul 24)
Slowmist A Brief Analysis Of The Story Of The Sushi Swap Attack (Jul 24)
DeFi Protocol SushiSwap Exploited For Up to $15,000 (Jul 24)
@0xMaki Twitter (Jul 24)
Token Price Rises and Reputation Mends, Midnight Exploit, Foiled Quickly by Sushiswap – Inside Crypto Today (Aug 10)

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