- SushiSwap is a decentralised exchange (DEX) built on the Ethereum blockchain.
- If not for the work of white-hat hackers lead by samczsun, S$786 million could have been potentially stolen from
While we were going about our life this past week, something incredible happened in the world of decentralised finance (DeFi).
White hat hackers discovered a vulnerability on SushiSwap’s Minimal Initial Swap Offering (MISO) token launchpad platform.
FYI: A white-hat hacker is an ethical computer hacker or a computer security expert who proactively find vulnerabilities in software to fix them before they can be exploited by malicious hackers.
Source: Giphy
Thankfully the vulnerability was patched as if it was exploited 190,000 ETH (worth ~S$786 million according to CoinGecko at the time of writing) could have been potentially stolen by malicious hackers.
Here is a recount of the incident and an explainer on how safe DeFi protocols are.
TL;DR: How a Potential SushiSwap Hack Was Prevented