Riding The Wave News Summary 136
Sushi DEX Approval Contract Exploited For $3.3M, Ethereum Shanghai hard fork: ETH price set for more gains versus Bitcoin in April, & more.
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Table of Contents
Tweets
Ethereum Shanghai hard fork: ETH price set for more gains versus Bitcoin in April
Bank of England Targets 30-Strong Team for Digital Currency: Report
Tweets
https://twitter.com/KobeissiLetter/status/1645068723886211072
https://twitter.com/WhaleChart/status/1644740540368388097
https://twitter.com/intocryptoverse/status/1644859304808177667
https://twitter.com/intocryptoverse/status/1644849054961082368
https://twitter.com/prometheusmacro/status/1644722143463378945
https://twitter.com/intocryptoverse/status/1644535238490505224
https://twitter.com/rektcapital/status/1642091060749819904
https://twitter.com/WhaleChart/status/1644658831031402502
Sushi DEX Approval Contract Exploited For $3.3M
A smart contract on decentralized finance (DeFi) protocol Sushi's exchange services was exploited early Sunday, developers said in a tweet.
The exploit specifically involves the 'RouterProcessor2' contract, which is used to conduct trade routing on the SushiSwap exchange.
"It seems the SushiSwap RouterProcessor2 contact has an approve-related bug, which leads to the loss of >$3.3M loss," security firm PeckShield flagged in Asian morning hours on Sunday, which Sushi developers later confirmed.
As per several tweets from multiple security firms, the $3.3 million apparently came from a single user, @0xsifu, a popular trader in Crypto Twitter circles.
DefiLlama developer @0xngmi said Sunday that the exploit only seemed to impact users who approved Sushiswap contracts in the past 4 days.
Meanwhile, SushiSwap head developer Jared Grey asked users to revoke permissions for all contracts on SushiSwap as a security measure, adding the team was "working with security teams to mitigate the issue."
Ethereum Shanghai hard fork: ETH price set for more gains versus Bitcoin in April
Ether dropped by over 7.5% in its Bitcoin pair in 2023. But ETH/BTC may wipe its year-to-date losses entirely in April, as Ethereum’s long-awaited Shanghai hard fork is just days away.
The upgrade is set for April 12, enabling Ethereum stakers to withdraw around 1.1 billion ETH in rewards — worth over $2 billion as of April 8.
Many experts see the hard fork as bullish for Ether in the long term. For instance, the Shanghai buzz has helped Ether outperform Bitcoin in April.
This bearish argument echoes independent market analyst CrediBULL Crypto who expects strong selling pressure near the 0.067 BTC resistance level that would lead to a 50% drop in 2023.
As a result, Ether could sustain its yearly gains in April, consolidating inside the $1,800–2,000 range until the Fed decision.
Moreover, a decisive breakout at current levels could result in extended gains with a second-quarter ETH price target of over $3,000.
Bank of England Targets 30-Strong Team for Digital Currency: Report
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