Decentralised finance (DeFi) protocol SushiSwap lost over $3 million in the early hours of April 9 due to a defect in a smart contract, it has been reported.
SushiSwap is a network that governs the protocol and incentivises liquidity providers by rewarding them with SUSHI tokens to boost liquidity in the pool.
Only those users who traded on the exchange in the last four days were affected.
Blockchain security firms CertiK Alert and Peckshield have published evidence that an odd activity connected to the approval function in Sushi’s Router Processor 2 contract was noticed. Processor 2 is a smart contract that gathers trading liquidity from many sources and determines the best price for exchanging coins. The glitch quickly resulted in losses of $3.3 million.
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Bitcoin Marketplace Paxful Closed
Paxful, co-founded by Ray Youssef and Artur Schaback in 2015, was one of the most popular Bitcoin marketplaces in Africa and other emerging markets.
The platform was closed down last week due to “key staff departures” and regulatory challenges. It had more than 200 employees.
It is alleged that Paxful faced a management nightmare with staff taking paid trips, bosses fighting, dismissals on a whim, and cannabis use in the office.
Paxful allowed users to buy and sell Bitcoin. Former employees alleged that the company suffered management lapses, including favouritism in promotions, erratic dismissals, lavish spending on travel and routine cannabis use.
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Meanwhile, Schaback, who owns 50 per cent of the company’s Class B common shares, and served as the chief operating officer, is suing Youssef in Delaware Chancery Court. Schaback claims that Youssef cut off his access to company resources and information while he was on paternity leave. He alleged that Youssef and other “cohorts” have “looted Paxful coffers.”
Ethereum validator Receives 689 ETH coins
An Ethereum validator has received 689 Ethers, worth $1.3 million, as a reward, the largest one since 691 Ethers were rewarded to Lido on March 20. The latest reward was paid to the liquid staker for Ethereum from a single Maximal Extractable Value (MEV)-boost relay block on the Ethereum Beacon Chain. According to records, Lido received the reward from block 17007842 on the Beacon Chain, completed on April 9 and contained 47 transactions. The block was created by beaverbuild.org.
