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Potential ~S$786M SushiSwap DeFi Hack Foiled: What Crypto Investors Need to Know About DeFi Risk
By Seedly  •  August 18, 2021
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
  • 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
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By Seedly
Launched in 2016, Seedly helps users make smarter financial decisions with its budgeting app which allows its 40,000 users to sync up their financial accounts and better manage their cash-flow. Last year, we introduced a new community feature which allows users to crowdsource knowledge from peers before making a financial decision.
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