Sushiswap developer’s head 0xMaki and four other people were able to stop an exploit attack on the DeFi platform. A recent blog narrating beat by beat what has transpired states that the attack happened yesterday at midnight.
Due to the quick response of 0xMaki and company, the attacker was immediately fended off and was only able to exploit between $10,000 and $15,000 from its users. The losses will be covered by the Sushiswap treasury.
In an interview by Cointelegraph with Andy, one of the smart contract engineers that have aided 0xMaki to avert the attack, he said that 0xMaki contacted him at 10 pm EDT.
“He (0xMaki) said there was some weirdness going on but was unsure what it was. We spent about 1 hour in a discord call going through transactions until we figured out what the exploit was.”
The attacker wrapped liquidity pool tokens and deployed them to a new pool, allowing the attacker to execute “really weird logic to pull the underlying tokens from the reward contract.”
After 3-4 hours, the affected contracts were fixed. While trying to resolve the issue, 0xMaki tried to communicate with the attacker by sending a message to the exploiter’s address.
“I see you, we are working on fixing it. Contact me on Discord for a bug bounty – 0xMaki.”
The exploiter eventually replied to his message which he posted on Twitter.
When asked if he was impressed or embarrassed about the recent attack, 0xMaki replied :
“I’m impressed totally! There is no way I’m embarrassed! It’s fascinating to see all these hacks / exploits happening, even with robust audits there’s always some sort of new scenario emerging that we wouldn’t necessarily have planned or thought about.”
DeFi is dubbed as the new crypto moniker. It has its advantages but has also its setbacks. DeFi protocols have become a target of exploiters and hackers for the past few months. This has been attributed to bugs and vulnerabilities in the smart contract codes. Arnie Hill, CEO of Plutus DeFi — a full-stack DeFi aggregator, stated in a previous conversation with Cointelegraph:
“Today developers are paying more attention to the technical side and capitalization, focusing on how to build lending services on blockchain, rather than the security of smart contracts.”
Despite the recent Sushiswap exploit attack, 0xMaki, the head developer of the DeFi platform remains optimistic and expressed his confidence in the DeFi ecosystem.
“This makes the ecosystem stronger and more resilient.”
The DeFi market is still young and vulnerable to attacks but its transition to Ethereum 2.0 will likely minimize the risks. It will definitely continue to develop as one of the most lucrative markets in the crypto industry and will surely attract more investors in the future.