In the world of cryptocurrency, a flurry of activity has been detected on Twitter as multiple crypto projects have posted the same image and message about an event happening on March 24th.

The tweet contains a rectangular image with the date of March 24th inscribed vertically, indicating that some important event is scheduled to take place on that day.

Liquity Protocol, the developer of the stablecoin LUSD, was the first project to tweet this content at 4 PM on March 23rd (UTC). Shortly after, a slew of crypto projects followed such as Rocket Pool, SushiSwap, SyncSwap, Argent, and many more.

Many members of the crypto community believe that this event is related to zkSync, a layer 2 scaling solution built on Ethereum using zk Rollup technology. Several projects have tweeted about zkSync, such as Argent, SyncSwap, SpaceFi, and Orbiter.

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The @mingoairdrop account even suggests that the zkSync Era will launch its mainnet this week, which has many people excited about the possibility of another layer 2 project to airdrop for users after Arbitrum.

As reported by AZCoin News, Arbitrum recently airdropped tokens to users on March 23rd at 11 AM (UTC). The ARB token is currently trading at around $1.35 with a market capitalization of $1.7 billion, according to CoinMarketCap.

The simultaneous posting of the same image and message by multiple crypto projects on Twitter is not a new phenomenon. In February, major decentralized finance (DeFi) projects posted a picture of their arms crossed with the word “Monday” inscribed below, indicating that a big event was scheduled for that day. They later announced a collaborative campaign to spread awareness about the nature of the industry.

With the crypto world constantly evolving, it remains to be seen what this event on March 24th will bring. Nonetheless, the Twitter activity and speculation surrounding it have certainly stirred up the community’s curiosity and excitement.

#Twitter #ARBITRUM #sushiswap #azcoinnews #azcoin

This article was republished from azcoinnews.com

Decentralized exchange SushiSwap has fallen victim to an exploit, which led to the loss of more than $3.3 million from at least one user, known as 0xSifu on Twitter.

The exploit involves an approve-related bug on the RouterProcessor2 contract — which PeckShield and SushiSwap Head Chef Jared Grey recommend revoking on all chains.

The root cause, according to Ancilia, Inc. and in technical terms, "is because in the internal swap() function, it will call swapUniV3() to set variable "lastCalledPool" which is at storage slot 0x00."

The cybersecurity account adds that "later on in the swap3callback function, the permission check gets bypassed."

History tells us that on September 7th, 2021, the decentralized exchange SushiSwap suffered a significant hack that resulted in a loss of over $14 million in funds. The hack targeted the exchange's BentoBox platform, which is designed to store user funds and enable lending and borrowing.

The hack was carried out by exploiting a vulnerability in the SushiSwap contracts, which allowed the attacker to steal funds from the exchange's MISO launchpad. The attacker then used a series of complex transactions to cover their tracks, making it difficult to trace the stolen funds.

Following the hack, SushiSwap quickly announced that it would be compensating affected users using its own treasury funds. Additionally, the exchange has taken steps to improve its security protocols, including launching a bug bounty program and conducting regular security audits.

Despite the hack of September 7th, 2021, SushiSwap remains a popular and trusted decentralized exchange within the crypto community. As with any decentralized platform, there is always a risk of hacks and security breaches.

Closing Thought

SushiSwap has demonstrated a commitment then to improving its security measures and compensating affected users after the September 7th, 2021 hack, which has helped to restore trust in the platform in the recent years. The Big question ❓ here is, will they come out of this recent hack stronger than ever before??

#Binance #sushiswap #crypto2023 #dyor #BTC

A smart contract bug in the popular decentralized exchange SushiSwap has led to the theft of about $3.3 million in Ethereum (ETH).

According to the crypto analytics firm PeckShield, the bug is connected to the contract approval process and is related to an update that was implemented a few weeks ago.

The bug led to the theft of about 1,800 ETH from a well-known crypto trader who goes by the name Sifu.

SushiSwap says all hands are on deck to recover funds, if possible.

The team has provided a link that traders can use to check their accounts and revoke any permissions if necessary.

SushiSwap CTO Matthew Lilley says the exchange is currently up and running and bug free.

“There is no risk at this time with using Sushi Protocol, and the UI. All exposure to RouterProcessor2 has been removed from the front end, and all LPing / current swap activity is safe to do.

We do ask that all users double-check their approvals, and if an address within this list below has an allowance for any of your tokens to please unapprove as soon as you can.”

#Binance #BTC #crypto2023 #sushiswap #keepbuilding

SUSHI, a key player in the world of decentralized finance (DeFi), is a cryptocurrency that has been making headlines. Launched in August 2020, it's part of the SushiSwap platform, which is an Ethereum-based decentralized exchange (DEX) that allows users to trade cryptocurrencies directly from their wallets.

SushiSwap is a fork of the popular DeFi protocol, Uniswap, and it introduced the SUSHI token as a way to incentivize participation in the platform. SUSHI tokens are given as a reward to users who contribute to the liquidity of the platform. This makes it an example of a yield farming token, where users can earn returns on their investment by providing liquidity.

The primary use of SUSHI tokens is to earn a share of the platform's trading fees. When users trade on SushiSwap, 0.3% of the trading fee is converted into SUSHI tokens and distributed to the liquidity providers. Additionally, SUSHI holders can stake their tokens in the SushiBar, earning a portion of the platform's fees in the form of SUSHI.

The governance model of SushiSwap is also noteworthy. SUSHI holders have the right to propose and vote on changes to the platform. This means that SushiSwap is governed by its community, a feature that is central to the ethos of DeFi.

However, like any other cryptocurrency, SUSHI is not without its risks. The value of SUSHI tokens, like all cryptocurrencies, is volatile and can fluctuate widely. Moreover, the DeFi space is still a relatively new and rapidly evolving field, with regulatory uncertainties and potential security risks.

Despite these challenges, SUSHI has seen significant growth and acceptance within the cryptocurrency community. It is seen as a major player in the DeFi space, and its community-driven approach and innovative yield farming incentives make it an interesting case study in the world of cryptocurrencies.

In conclusion, SUSHI is more than just a cryptocurrency; it represents a new way of thinking about financial systems and community governance. While it comes with its own set of risks and challenges, its rise in popularity suggests that it's an exciting development to watch in the world of DeFi and cryptocurrencies.

#Sushi #sushiswap #Binanceturns6 #Binance #Binancefeed

$SUSHI

In the world of cryptocurrency, the decentralized exchange SushiSwap has recently suffered a significant loss of $3.3 million due to an exploit in the allocation of its tokens. This incident has prompted the exchange to advise its users to revoke their token allowances to prevent further losses.

SushiSwap is a decentralized exchange platform that allows users to trade cryptocurrencies in a decentralized manner. One of its unique features is the ability to earn rewards by staking or providing liquidity to the platform. This incentivizes users to hold and use the platform's native token, SUSHI.

However, on April 4th, an unknown attacker was able to exploit a vulnerability in the SushiSwap platform's token allocation mechanism. The attacker was able to drain $3.3 million worth of SUSHI tokens from the exchange's liquidity pools.

The exploit was carried out by manipulating the platform's token allocation function, allowing the attacker to steal the funds without being detected. This type of exploit, known as a "flash loan attack," is becoming increasingly common in the cryptocurrency world.

Following the incident, SushiSwap quickly took action by urging its users to revoke their token allowances. This means that users can prevent their tokens from being used in any future attacks by revoking access to the exchange's liquidity pools.

SushiSwap also announced that it would be taking steps to prevent similar incidents from occurring in the future. The exchange has deployed additional security measures, including an audit of its codebase and the implementation of a new governance system to improve transparency and accountability.

Despite the incident, SushiSwap's community remains optimistic about the platform's future. Many users have expressed their support for the exchange and its efforts to address the issue. The platform has also seen a surge in activity, with its daily trading volume reaching an all-time high of $2.5 billion just a day after the attack.

In conclusion, the exploit in the allocation of SushiSwap tokens highlights the importance of robust security measures in the cryptocurrency world. SushiSwap's quick response to the incident and its commitment to improving its security measures demonstrate the resilience of the cryptocurrency community in the face of such challenges. As the cryptocurrency world continues to evolve, it is essential for exchanges and platforms to remain vigilant and proactive in safeguarding their users' assets.

#sushiswap #exploit #hackers #fraud #cybersecurity

As the world of cryptocurrency continues to evolve, investors and traders are always looking for the next big thing. However, recent developments for SUSHI, a popular decentralized finance (DeFi) protocol, suggest that things may not be looking too great for the platform.

According to a report by Santiment, SUSHI has recently been served with an SEC subpoena, adding to the already difficult macro environment for the platform. SUSHI’s total value locked (TVL) has dropped by a staggering 93% since mid-November 2021, now sitting at a mere $581.47 million USD. This can be attributed to both the fall in the price of cryptocurrency assets as well as a decrease in the usage of SUSHI.

@azcoinnews

In comparison, Uniswap’s TVL has also fallen, but only by 63% since mid-November 2021, currently sitting at $3.71 billion USD. Uniswap’s protocol usage has been steadily increasing over the past year, with higher levels of usage indicating a healthier protocol.

Looking at SUSHI’s protocol usage over the past year, there has been little real growth as protocol usage on average remains pretty low. While there have been some occasional spikes, they have not been sustained, indicating a struggle for the platform.

Furthermore, SUSHI’s token circulation has also been affected, with long-term holders exiting their positions. This is evident in the number of dormant tokens that haven’t moved for at least 365 days, which has seen a recent spike, suggesting that long-term holders have decided to exit their positions.

This is also reflected in SUSHI’s supply on exchanges, which has coincided with the increase in dormant circulation, suggesting that long-term holders are exiting their positions. According to Twitter user Lookonchain, it was the fund Goldentree that recently reduced its exposure to SUSHI, having previously invested $5.2 million into the platform in October 2022.

In conclusion, the recent developments for SUSHI are cause for concern for investors and traders alike. While the platform has certainly faced challenges over the past year, the recent SEC subpoena and decrease in protocol usage and TVL suggest that there may be more difficult times ahead for SUSHI.

#SUSHI #sushiswap #DeFi #Altcoin #azcoinnews

This article was republished from azcoinnews.com

In September 2020, SushiSwap, a decentralized cryptocurrency exchange, was hit by a devastating hack that resulted in a loss of approximately $15 million worth of assets. The attack caused panic among investors and threatened to end the promising future of the platform. However, what followed was a remarkable comeback that stunned the cryptocurrency community and showcased the resilience of the decentralized finance (DeFi) ecosystem.

The hack was a classic case of a "flash loan" attack, where the attacker borrowed a large amount of cryptocurrency from a lending platform and used it to manipulate the price of a token on SushiSwap. This resulted in the attacker stealing millions of dollars worth of assets from the exchange. The hack highlighted the risks associated with DeFi platforms, especially the new and emerging ones, and raised concerns about the security of such platforms.

In the immediate aftermath of the hack, the price of SUSHI, the native token of the platform, plummeted, and investors feared the worst. However, the SushiSwap team quickly sprang into action and came up with a recovery plan that surprised everyone. The team proposed a community-driven approach that involved the creation of a new governance token called "MISO." The plan was aimed at compensating the affected users and ensuring the long-term sustainability of the platform.

The recovery plan worked beyond expectations, and SushiSwap's fortunes quickly turned around. Within a few days, the price of SUSHI rebounded, and the platform started attracting more users and liquidity. The MISO token sale was a massive success, raising over $90 million, which was used to compensate the affected users and fund the development of new features and products. The recovery plan showcased the power of decentralized governance and community-driven initiatives, which are at the heart of the DeFi ecosystem.

The resurgence of SushiSwap following the hack recovery was a significant event for the DeFi space. It demonstrated that even in the face of adversity, decentralized platforms can bounce back stronger and more resilient. The SushiSwap team's swift and decisive action, along with the community's support, was instrumental in achieving this remarkable turnaround. The hack served as a wake-up call for the DeFi industry to prioritize security and build more robust systems that can withstand such attacks.

In conclusion, the rapid and unexpected resurgence of SushiSwap following its hack recovery was a testament to the resilience of the DeFi ecosystem. The community-driven approach and decentralized governance played a crucial role in the recovery, showcasing the power of these concepts. The SushiSwap hack was a learning experience for the industry, and it will undoubtedly lead to better security measures and more robust DeFi platforms in the future.

#sushiswap #sushi #crypto2023 #dyor #BNB