SushiSwap Smart Contract Bug Exploited in $3.3

Million Theft

The decentralized exchange says it's "all hands on deck" and that some of the funds have been recovered.

A bug introduced into SushiSwap four days ago was exploited late Saturday to drain about $3.3 million worth of Ethereum from a single user's account.

According to a Twitter post by blockchain security and data analytics company PeckShield, a wallet controlled by the victim—a prominent member of the Crypto Twitter community known as Sifu—was targeted by an "approve-related bug" in SushiSwap's RouterProcessor2 contract to steal about 1,800 ETH.

Bitget Exchange Launches $100 Million Fund For Web3 Startups In Asia

Monetary support is likely the major growth drawback in the Web3 space, as there are several startup projects with clear vision but lacking capital. On that note, Bitget, a Seychelles-based crypto derivatives exchange, has launched a Web3 development-focused fund for crypto startups in Asia. According to the announcement, the fund will kick off with an initial investment of $100 million.

While the funding will prioritize Asian projects with clear roadmaps and experienced teams, Bitget plans to seek out venture capitalists and web3friendly startups globally. Potential partners in Bitget’s funding initiative include venture capitalists such

Separate analysis by Binance-backed cybersecurity firm Ancilia determined that the flaw was the failure to validate access permissions halfway through a swap transaction. The firm also found the vulnerable contract on the Polygon network.

SushiSwap "head chef"

Jared Gray confirmed the bug and exploit about an hour later, and repeated Peckshield's recommendation that users who have interacted with the SushiSwap blockchain revoke all permissions granted to its contracts. Grey had broken the news of SushiSwap's SEC subpoena two weeks ago.

as ABCDE Capital, Foresight Ventures, and many more.

Bitget’s Web3 Fund Support Initiative in Detail

The crypto exchange has been a committed supporter of several initiatives focused on advancing crypto adoption. Its new funding initiative further reflects the exchange’s commitment to that course.

In a statement, Gracy Chen, Bitget’s managing director, highlighted the reason behind the exchange’s new Web3 fund. Notably, Bitget has identified that supporting Web3 projects is a key to further advancing the growth in the Web3 space and making it a global industry.