A blockchain Gaming Project Super Sushi Samurai launched its token SSS on march 17 on the Blast Network which is a Layer-2 network having TVL of over $1 Billion. Right after few hours of the token launch someone exploited the contract and minted tokens and sold it for profit.
According to Certik , a total of $4.6 millions were affected following the contract exploit. The hacker found the bug in the contract code of token and successfully doubled the token amount which he sold into the SSS liquidity pool.
According to stats from coingecko the price of the SSS token crashed more than 99% after the incident. Various data tracking protocols reported this exploit. The Hacker have left a message on Blastscan mentioning that it's a rescue mission.
Super sushi samurai team has also confirmed at first that the hacker is in touch with the team and they are having dialogue with hacker to get back the funds.
Later the Super sushi samurai team announced 5% bounty reward for the hacker as he promised to return the stolen funds. An interesting thing which got revealed during this incident , the SSS team has included this white hat hacker into their team as an advisor.
A screenshot of the user balance was recorded before the exploit as team plans to airdrop V2 SSS token from scratch. All this will take two to three weeks as it requires a lot of work to get back on the track.
Its not a first contract exploit in cryptocurrency , before this a lot of similiar incidents happened. In most of the cases the hacker returned funds by keeping a little percentage as reward. While in a few cases the law enforcement agencies has to get involve to track the hacker and get him into the jail.
If you keep yourself updated about these incidents , let me remind you that similiar case was reported in the last month in which a project token $MINER was exploited.
Well , you should be investing carefully. Even if you find a legit project it could be exploited losing your money as contracts have left some bugs which leave spaces for hacker to steal funds easily. Contracts could be hacked even if a project claims to be audited by big companies.
Being six years into crypto i have seen many projects getting exploited who claimed to be audited. This is something which cannot be secured hundred percent. I mean there is always a risk as it cannot be secured hundred percent.
If you are new into crypto , make sure you do research well on how the security of smart contracts work. I would advise you to research well before investing into something.
The bottom line is that crypto is risky that is why you should invest only what you can afford to lose.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
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About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.