Cryptocurrencies Rally

SushiSwap Loses $3 million in Supply Chain Attack

The Chief Technology Officer of SushiSwap has announced that the Minimal Exchange SushiSwap Offering (MISO) platform at the exchange had come under a supply chain attack which led to the hacker(s) being able to transfer ETH to their wallet.

The number of ETH transferred to the hacker’s wallet was 864.8 which roughly translated to $3 million at the current rates in the market. The MISO platform is used as a launchpad for the tokens to be launched onto the SushiSwap platform where the users would be able to swap or exchange their tokens for other tokens. The platform is also used to earn, lend, borrow and sell cryptocurrency assets and is one of the largest exchanges in the DefI space. The fact that such a large exchange has come under a hacker attack has once again shaken the trust of the crypto industry participants on the level of security that the crypto exchanges have.

It is reported that the hacker gained access to the GitHub code of the exchange and pushed in a malicious code commit which was in turn distributed into the front end of the MICO platform and this helped the hacker to gain easy access to the funds. The hacker then proceeded to insert his own wallet address instead of the auctionwallet address of the exchange and quickly transfer all the ETH into their wallet,. The exchange has said that the affected auctions have now been patched. This is an ongoing saga of losses and hacks at the various crypto exchanges and this has been around since the start of the crypto industry several years back.

The hacks have ranged from several hundred million to a few million and this has pushed the crypto industry leaders and the regulators around the world to cooperate with each other to bring in legislation and tight control to ensure that the hackers do not benefit from ransomware and other such attacks that put into danger, the funds belonging to millions of users. While decentralised exchanges are known to be less prone to such hack attacks, mainly due to the fact that they are decentralised and funds are distributed across 1000s of wallets, the fact that hackers continue to have an eye on them and look for ways and means to exploit any sort of weakness in their ways and methods should keep the crypto exchanges and the industry as a whole, on its toes.