Anti-Phishing Solution Scam Sniffer Warns of SushiSwap Contract Vulnerability Permissions

On April 9, it was reported that Scam Sniffer, an anti phishing solution, reminded that more than 1200 addresses had not revoked the SushiSwap contract vulnerability related permissions.

Scam Sniffer: There are still over 1200 addresses that have not been revoked due to SushiSwap contract vulnerability related permissions

Introduction

On April 9, Scam Sniffer, an anti-phishing solution, issued a warning stating that over 1200 addresses had failed to revoke permissions associated with the SushiSwap contract vulnerability. This negligence puts them at risk of being exploited by hackers. This article delves into the implications of the SushiSwap contract vulnerability and the actions that users can take to protect themselves.

The SushiSwap Contract Vulnerability

SushiSwap is a decentralized exchange based on the Ethereum blockchain. In September 2020, SushiSwap forked from Uniswap, another decentralized exchange, to offer better incentives for liquidity providers. Shortly after, a vulnerability was discovered in the SushiSwap contract.
This vulnerability enabled hackers to drain the liquidity pool and obtain the funds present in it. To fix the vulnerability, SushiSwap underwent a migration to a new smart contract.

The Importance of Revoking Permissions

Yet, despite this migration, users who granted permissions to the old contract are still at risk of being exploited. Since the old contract is still present on the blockchain, hackers can still access these permissions and use them to compromise user accounts.
Therefore, it is necessary for users who granted permissions to the old contract to revoke them immediately. Failure to do so puts them at the mercy of hackers who can drain their funds from the liquidity pool.

Steps to Protect Yourself

To protect yourself from the SushiSwap contract vulnerability, there are certain steps that you can take. First, you need to identify whether you granted permissions to the old contract. This can be done by going to your wallet software and checking your transaction history.
If you find that you granted permissions to the old contract, you need to revoke them immediately. To do this, go to the smart contract interaction section of your wallet software and select the old contract. You should see an option to revoke permissions. Click on it and follow the on-screen instructions.
Finally, you should transfer your funds from the old contract to the new one. This will ensure that your funds are safe from hackers. The migration process is straightforward and can be done through your wallet software.

Conclusion

The SushiSwap contract vulnerability remains a threat to user funds. Scam Sniffer’s warning serves as a reminder to users who may have granted permissions to the old contract to revoke them immediately. Once done, users should transfer their funds to the new contract to ensure the safety of their funds. By taking these steps, users can protect themselves from being exploited by hackers.

FAQs

Q1. What is Scam Sniffer?

A1. Scam Sniffer is an anti-phishing solution that aims to protect users from online scams.

Q2. What is SushiSwap?

A2. SushiSwap is a decentralized exchange based on the Ethereum blockchain.

Q3. What is the SushiSwap contract vulnerability?

A3. The SushiSwap contract vulnerability enabled hackers to drain the liquidity pool and obtain funds present in it.