SushiSwap DeFi Protocol Loses $3 Million in Exploit: What We Know

Over the weekend, DeFi protocol SushiSwap was compromised, losing $3.3 million. 

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On April 9, hackers attacked a function approval smart contract, according to blockchain startups CertiK and Peckshield. 

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Researchers believe this attack targeted SushiSwap users who used the protocol between April 4 and April 9.

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Hackers attacked the smart contract that collects trading liquidity from several sources and finds the best coin swap price, Cointelegraph said.

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Hackers attack DeFi protocols by exploiting the platform's open-source code.

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The US Treasury warned last week that DeFi services are being heavily exploited for unlawful transactions. 

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The Treasury's latest illicit finance risk assessment on decentralized finance indicated that infamous actors are abusing AML/CFT loopholes.

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