A recipe for disaster? Over $3 million worth of Ethereum stolen in latest Benzinga exploit [Advance Cash ]

A Recipe For Disaster?  Over $3 Million Worth Of Ethereum Stolen In Latest Benzinga Exploit

Benzinga - Over the weekend, SushiSwap suffered a major security breach when a bug in its RouterProcessor2 contract was exploited, resulting in the theft of approximately $3.3 million from Ethereum (CRYPTO: ETH) from a user's wallet.

PeckShielda blockchain data security and analytics firm, confirmed that the "approval-related bug" in the contract allowed the attacker to steal 1,800 ETH from the victim's wallet.

Binance-supported (CRYPTO: BNB) cybersecurity company Old conducted a separate analysis and found that the flaw resulted from a failure to validate access permissions during an exchange transaction.

The vulnerable contract was also discovered on the Polygon network.

Also Read: BRICS Currency Game-Changer: Impact of Financial Earthquake on Global Economic Dynamics

Jared Graythe "head chef" of SushiSwap, confirmed the bug and urged users who had interacted with the blockchain to revoke all permissions granted to contracts on the exchange.

CTO Matthew Lilley also gave more details, saying the company was identifying all affected addresses and working to recover funds as they became available.

Lilley also provided a tool to help users check exposure on various networks.

Despite the hack, the price of the SushiSwap (CRYPTO: SUSHI) token has fallen only slightly over the past 24 hours.

It should be noted that SushiSwap narrowly avoided a major hack earlier this year when a "white hat" crypto researcher discovered an auction bug that could have resulted in a $350 million loss.

Read Next: DOGE's Spectacular Dive After Twitter Logo Inversion: Did the Meme Coin Bubble Burst?

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Get the app

Join the millions who stay on top of the global financial markets with Investing.com.

Download now