CJ - Cryptocurrency Enthusiast
Decentralized exchange SushiSwap was recently hit by an exploit that led to the loss of over $3.3 million from at least one user. The attack was caused by an approve-related bug on the RouterProcessor2 contract, which allowed the exploiter to steal users' crypto assets without their permission. This bug was found by cybersecurity experts at PeckShield and SushiSwap Head Chef Jared Grey, who recommend revoking the contract on all chains.
The exploit was due to a bug in the "approve" mechanism of the SushiSwap router contract, which allowed an unauthorized entity to steal tokens without the proper approval from the token owner. The first attacker reportedly used the "yoink" function to steal 100 ETH, and a second attacker used a similar contract named "notyoink" to steal another 1800-ish ETH. Early reports suggest that only SushiSwap users who swapped within the last four days are currently at risk.
SushiSwap is reportedly working with security teams to mitigate the issue and has been seeking a $3 million legal defense fund from Sushi DAO after being hit with a subpoena from the U.S. Securities and Exchange Commission. The price of Sushi's governance token fell by only 0.6% in the hour since the news broke, suggesting that investors may not be too concerned about the attack. However, this incident serves as a reminder of the risks involved in using decentralized exchanges and the importance of staying up to date with the latest security measures.
Despite the efforts of cybersecurity experts and the SushiSwap team to mitigate the issue, nobody is protected from hacks, and crypto asset management is key for safety.
As such, it's important for investors to research crypto buying platforms thoroughly before investing in cryptocurrency. This means staying up to date with the latest security measures and seeking out reputable cryptocurrency exchanges that have a proven track record of implementing effective security protocols. While incidents like the SushiSwap exploit may shake investor confidence in decentralized exchanges, it's important to remember that these platforms are still in their early stages of development and are constantly evolving to address the risks and challenges that come with operating in the decentralized space.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards