👨‍💻 SushiSwap hacked

Markets

SushiSwap hacked, Head Chef says 'revoke all chains' (2 minute read)SushiSwap, a decentralized exchange, has experienced a security breach, resulting in the loss of over $3.3 million from one user known as 0xSifu on Twitter. The exploit occurred due to a bug in the RouterProcessor2 contract's approve function, which cybersecurity experts from PeckShield and SushiSwap's Head Chef, Jared Grey, recommend revoking on all chains. According to Ancilia, Inc., the root cause of the issue lies in the internal swap() function, which calls swapUniV3() to set the "lastCalledPool" variable in storage slot 0x00, and later on in the swap3callback function, the permission check is bypassed.

OpenSea shares sold at discounted prices through Special Purpose Vehicles amid market downtown (3 minute read)OpenSea, a highly valued NFT marketplace startup, has placed restrictions on the sale of its shares by staff or investors without board approval, even though it is still possible to purchase discounted shares through innovative use of Special Purpose Vehicles (SPVs) facilitated by brokerage platforms. ApeVue's founder and CEO, Nick Fusco, explains that SPVs are legal entities set up exclusively for secondary market transactions in restricted stocks, allowing investors to buy and sell indirect interests in the company's stock despite trading restrictions. This presents an opportunity for investors to trade shares of OpenSea and other blue-chip crypto companies.

Binance Providing ‘Requested Assistance’ in South Korea’s Do Kwon Case (2 minute read)South Korean prosecutors are continuing their efforts to combat Do Kwon. The authorities have requested that Binance officials prevent Kwon from withdrawing his crypto assets held on the exchange. Kwon, the former chief executive of Terraform Labs, is suspected of amassing criminal proceeds totaling 91.4 billion won ($69 million), with no known property in South Korea. However, industry participants and local officials believe that Kwon may have converted a significant portion of his Korean real estate holdings into bitcoin and moved it to a foreign crypto exchange. KBS News reported these developments on Friday.

Tech

Staked Ethereum Withdrawals Could Take Weeks After Shanghai Upgrade (4 minute read)Ethereum underwent a transition to a more energy-efficient proof-of-stake model last September, but a final upgrade is required before users can unstake their ETH from the network. The long-awaited Shanghai upgrade, which includes another upgrade called Capella, is set to launch on April 12. However, according to an analyst at crypto data platform Nansen, the process of enabling users to withdraw their assets and rewards could take several weeks to complete. The upgrades are particularly significant for users who have staked ETH in the network through individual validators or platforms such as Lido Finance and Rocket Pool.

Bitcoin’s Energy Transparency is a Double-Edged Sword (3 minute read)Canadian Bitcoin miner Hut 8's CEO Jaime Leverton has pointed out that the transparency of Bitcoin's power consumption is noteworthy, as it is not the case with traditional fiat banking systems or hard metal mining. Leverton, in an episode of Decrypt's gm podcast, said that Bitcoin's energy use is a feature of proof of work and that the amount of energy used by Bitcoin miners is publicly available information. She also highlighted that the Bitcoin Mining Council produces quarterly reports by surveying industry participants, which show that around 60% of the power used by its members globally is derived from sustainable sources like solar, wind, and hydro electricity.

Misc

U.S. Treasury Warns DeFi Is Used by North Korea, Scammers to Launder Dirty Money (2 minute read)The US Department of the Treasury has issued its first analysis of the risks posed by decentralized finance (DeFi), finding that non-compliant DeFi services are the “most significant current illicit finance risk” in the sector. The Treasury report, published on Thursday, states that criminals, hackers, and actors from the Democratic People’s Republic of Korea (DPRK) are exploiting DeFi to launder the proceeds of crime. The report recommends an assessment of possible enhancements to US anti-money laundering requirements and counter-terrorism financing rules as they relate to DeFi services, as well as input from the private sector to inform next steps.

Thanks Sam! How FTX Led to World’s Worst Crypto Policy (5 minute read)Emotions, specifically anger and embarrassment, have played a significant role in recent U.S. crypto policy enforcement actions. Since governments are made up of humans whose emotions can sometimes undermine rational decision-making. it is vital that clear and inviolable rules of governance are provided, whether in democratic institutions such as the U.S. Constitution or consensus mechanisms used in open-source software communities, such as those attached to blockchain protocols. There is a trend of politicization in U.S. crypto policy which needs objective decision-making.

🐥

Best of Twitter

Thanks for reading, if you enjoyed, tell your friends!