🪓 SushiSwap hacked for $3M
🪓 SushiSwap hacked for $3M 💣 Arbitrum DAO creates a proposal to return transferred tokens back to its treasury 💿 OpenSea recovers its NFT market share from Blur
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Here's what recently happened in the space:
🪓 SushiSwap hacked for $3M
💣 Arbitrum DAO creates a proposal to return transferred tokens back to its treasury
💿 OpenSea recovers its NFT market share from Blur
SushiSwap hacked for $3M
It seems that Sushiswap can't get a break, as it's in the news again - this time because it got hacked for over $3m, according to some chain security organizations that posted this on Twitter.
CertiK and Peckshield reported that the attack happened through a bug on the smart contract of Sushi's Router Processor 2 - which is an aggregator that looks for the most favorable price when swapping coins.
It seems the @SushiSwap RouterProcessor2 contact has an approve-related bug, which leads to the loss of >$3.3M loss (about 1800 eth) from @0x@0xSifu
If you have approved httlease *REVOKE* ASAP!
One example hack tx: httttwitter.com/i/web/status/1…t
— PeckShield Inc. (@peckshield)
Apr 9, 2023
Apparently, the hacker was able to find a vulnerability in the contract quickly and take advantage of it - making off with $3.3 million in just a few hours.
Jared Grey, the head developer of SushiSwap, quickly reacted and urged users to revoke approval for all contracts on the protocol. As of now, according to Grey's tweet, most of the stolen funds have been recovered. Grey wrote that over 300 ETH had been recovered through a white hat process.
Arbitrum DAO creates a proposal to return transferred tokens back to its treasury
The new Arbitrum DAO has had some serious growing pains as it attempts to navigate the complex world of blockchain governance. After the Arbitrum Foundation’s sudden transfer of 700 million ARB tokens that took place without the community’s approval in March, the Arbitrum community has created a DAO proposal: the Arbitrum Foundation must deposit the tokens back into its DAO Treasury. According to the proposal, the foundation should not take any further action on its budget plan until they return the tokens.
This token issue first arised when the Arbitrum Foundation decided to fund its operations with 750 million ARB tokens, worth nearly $1 billion, without really warning its newly created DAO. As one can imagine, this caused a lot of backlash from the community. The foundation then said that AIP-1 proposal was not actually a proposal, but rather a ratification. As if that wasn’t enough, the foundation then revealed that some of the tokens have already been sold for stablecoins. These types of actions clearly didn’t sit well with the Arbitrum community, and they have responded by creating a proposal to stop the foundation from taking any further action on its budget plan until they return the tokens.
It’s unfortunate that a project as promising as Arbitrum has been marred by a handful of decisions that have left its community frustrated and confused. But that's how it is if your one single goal is to make a quick buck.
OpenSea recovers its NFT market share from Blur
OpenSea is going full-throttle to reclaim its throne as the most popular NFT marketplace. We've talked about them launching OpenSea Pro last week, but they're also rolling out new features and updates at a blistering pace.
After the OpenSea Pro was launched, OpenSea has managed to overtake Blur as the most popular NFT marketplace once again. The daily active users and new wallets created on OpenSea have seen a significant spike since then, while Blur's share of the NFT aggregator market has been declining. The numbers don't lie - Blur's market share was 54.8% on Monday, but by Saturday it had dropped to 27%.
Some of that activity can be attributed to OpenSea's 'Gemesis' NFT drop. To reward their early adopters, OpenSea was giving away free Gemesis NFTs to anyone who had bought an NFT on the Gem platform before the end of March. The response was overwhelming. Gem users hurried to get their hands on the new tokens, with many spending hours trying to secure one. Whatever you think of the marketing strategies of these two marketplaces, one thing is certain: the NFT space is still alive and well.