Decentralized finance (DeFi) protocol SushiSwap recently suffered an exploit due to a smart contract bug, leading to over $3 million in losses. Members of the crypto community responded to the hack, with some thinking that there was something fishy about it.
On April 9, security firms detected unusual activities in the DeFi platform’s smart contract aggregating trade liquidity. A few hours later, a $3.3 million exploit was reported. Jared Grey, the head developer of the decentralized exchange, asked its users to revoke the permissions they granted to the platform. The developer also said they could recover some of the funds through a “whitehat security process.”